Quick Bridging Loans: How to Get Approved in 24-48 Hours

Quick bridging loans can be approved in 24-48 hours and completed within 7-14 days, making them essential for time-sensitive property transactions like auction purchases, chain breaks, or urgent property opportunities. The key to securing quick bridging loans is preparation: having all documentation ready, choosing lenders known for fast decisions, and working with experienced brokers who can expedite the process. Specialist bridging lenders typically offer the fastest approval times, with some able to provide pre-approval before auctions or make emergency decisions for urgent cases.

How Fast Can You Get a Bridging Loan?

Standard Timeline

• Application submission: Same day
• Initial decision: 24-48 hours
• Valuation arranged: 2-3 days
• Legal work: 3-5 days
• Completion: 7-14 days from application

Emergency/Fast-Track Timeline

For urgent cases, some lenders offer fast-track services:

• Pre-approval: 24 hours (before property purchase)
• Emergency decisions: Same day for urgent cases
• Rapid completion: 3-7 days for straightforward cases

How to Speed Up Your Bridging Loan Application

1. Prepare Documentation in Advance

Having all required documentation ready before applying significantly speeds up the process. Prepare: proof of identity, proof of address, bank statements (last 3-6 months), property details, and exit strategy evidence. For auction purchases, have the legal pack and auction contract ready.

2. Choose Fast-Decision Lenders

Specialist bridging lenders typically make decisions faster than traditional banks. Look for lenders known for 24-48 hour decisions, especially if you're purchasing in competitive markets like London where speed is critical.

3. Work with an Experienced Broker

Brokers understand lender processes and can expedite applications. They know which lenders offer fastest decisions for your scenario and can prepare applications to avoid delays. Our team at FastBridgeFunding specializes in quick bridging loans and can help secure fast approval.

4. Provide Complete Information

Incomplete applications face delays while lenders request missing information. Provide complete, accurate information upfront to avoid back-and-forth that slows the process.

5. Consider Pre-Approval

For auction purchases or competitive property markets, securing pre-approval before finding a property ensures you can move quickly when opportunities arise. Pre-approval typically takes 24-48 hours and gives you confidence to bid or make offers.

Scenarios Requiring Quick Bridging Loans

Auction Purchases

Property auctions require completion within 28 days, making quick bridging loans essential. Pre-approval before auction ensures you can bid confidently, knowing finance is arranged. Many lenders specialize in auction finance and can provide fast-track approval.

Chain Breaks

When property chains break, quick bridging loans can rescue transactions that would otherwise collapse. Fast approval is critical to prevent losing your dream property. For chain break scenarios, some lenders offer emergency decision services.

Time-Sensitive Opportunities

Property opportunities often require quick action. Quick bridging loans enable you to secure properties before competitors, whether in competitive markets like London or emerging areas like Manchester and Birmingham.

Refurbishment Projects

For refurbishment projects with contractor deadlines or seasonal considerations, quick bridging loans ensure you can start work immediately without waiting weeks for traditional finance.

What Lenders Look For in Quick Applications

Strong Exit Strategy

Lenders prioritize applications with clear, realistic exit strategies. A confirmed sale agreement or mortgage offer in principle significantly speeds up approval.

Standard Property Types

Standard residential properties in good locations typically receive faster approval than non-standard or complex properties. Simple cases move through lender processes more quickly.

Lower LTV Ratios

Lower loan-to-value ratios (60-70%) reduce risk and often result in faster approval. Higher LTVs may require additional checks that slow the process.

Complete Documentation

Applications with all required documentation ready receive faster processing. Missing documents cause delays while lenders request additional information.

Fast-Track Services

Some lenders and brokers offer fast-track services for urgent cases, including:

• Same-day decisions: For straightforward, low-risk cases
• Pre-approval: Agreement in principle before property purchase
• Emergency processing: Expedited valuation and legal work
• Priority completion: Fast-tracked completion for urgent transactions

Costs of Quick Bridging Loans

Quick bridging loans typically have the same rate structure as standard bridging loans (0.45-1.5% monthly), though some lenders may charge premium rates for same-day or emergency services. Fast-track legal or valuation services may incur additional fees. Always compare total costs, not just speed.

Understanding Premium Rates

Some lenders charge premium rates (0.1-0.3% higher) for same-day or emergency services. However, standard fast approval (24-48 hours) typically doesn't incur premium rates. It's important to clarify whether premium rates apply and whether the speed benefit justifies the additional cost.

Fast-Track Service Fees

Fast-track services may include additional fees:

• Expedited valuation: £200-£500 for same-day or next-day valuations
• Fast-track legal: £500-£1,500 for expedited conveyancing
• Priority processing: Sometimes included, sometimes charged separately
• Emergency services: May incur premium rates or fees

Pre-Approval: Getting Ahead of the Game

What is Pre-Approval?

Pre-approval (also called agreement in principle) is a lender's commitment to provide bridging finance before you've found a property. This gives you confidence to bid at auctions or make offers, knowing finance is arranged. Pre-approval typically takes 24-48 hours and is valid for 3-6 months.

Benefits of Pre-Approval

• Auction confidence: Bid knowing finance is arranged
• Competitive advantage: Make offers with finance already secured
• Faster completion: When you find a property, completion can be faster
• Negotiation power: Sellers prefer buyers with finance arranged

How to Get Pre-Approval

To secure pre-approval:

1. Prepare documentation (ID, proof of address, bank statements)
2. Identify your maximum loan amount and property criteria
3. Work with a broker or lender offering pre-approval
4. Provide exit strategy details (sale, refinance, etc.)
5. Complete application and await decision (24-48 hours)

Emergency Bridging Loans

For genuine emergencies (e.g., chain breaks, auction wins, urgent opportunities), some lenders offer emergency services:

• Same-day decisions: For straightforward, low-risk cases
• Emergency completion: 3-5 days for urgent cases
• Weekend processing: Some lenders process applications outside normal hours
• Dedicated emergency teams: Specialized teams for urgent cases

Emergency services may incur premium rates or fees, so it's important to assess whether the urgency justifies the additional cost. For genuine emergencies, the speed benefit often outweighs the cost.

Common Speed Delays and How to Avoid Them

Documentation Delays

Missing or incomplete documentation is the most common cause of delays. To avoid:

• Prepare all documentation before applying
• Check lender requirements carefully
• Ensure documents are clear and legible
• Provide complete information upfront

Valuation Delays

Property valuations can delay applications. To speed up:

• Choose lenders with fast valuation processes
• Ensure property access is available
• Consider desktop valuations for straightforward properties
• Pay for expedited valuations if speed is critical

Legal Delays

Conveyancing can slow completion. To minimize delays:

• Use experienced conveyancers familiar with bridging finance
• Ensure all property information is available
• Consider fast-track legal services
• Maintain regular communication with solicitors

Frequently Asked Questions

How quickly can I get a bridging loan approved?

Specialist bridging lenders typically approve applications in 24-48 hours, with completion possible within 7-14 days. Fast-track services can provide same-day decisions for urgent cases.

Can I get pre-approval for a bridging loan?

Yes, many lenders offer pre-approval (agreement in principle) before property purchase. This is particularly useful for auction purchases or competitive markets, taking 24-48 hours.

What's the fastest way to get a bridging loan?

The fastest way is to: prepare all documentation in advance, choose specialist bridging lenders known for fast decisions, work with an experienced broker, and provide complete information upfront.

Do quick bridging loans cost more?

Quick bridging loans typically have the same rates as standard loans (0.45-1.5% monthly). Some lenders may charge premium rates for same-day or emergency services, but standard fast approval doesn't usually cost extra.

Can I get a bridging loan approved in 24 hours?

Yes, specialist bridging lenders can approve applications in 24 hours for straightforward cases with complete documentation and strong exit strategies. Pre-approval is also possible within 24 hours.

What delays bridging loan approval?

Common delays include: incomplete documentation, missing information, complex property types, high LTV ratios, unclear exit strategies, and lender processing backlogs.

Do I need to own a property to get quick bridging finance?

No, bridging loans can fund property purchases. You'll need the property you're purchasing as security, plus a deposit (typically 20-25% for residential properties).

Can I get quick bridging finance for auction purchases?

Yes, quick bridging loans are essential for auction purchases. Pre-approval before auction ensures you can bid confidently, with completion possible within the standard 28-day auction deadline.

What if I need bridging finance urgently?

For urgent cases, work with brokers who have relationships with fast-decision lenders. Some lenders offer emergency services for genuine urgent cases, though these may incur premium rates.

How do I prepare for a quick bridging loan application?

Prepare: proof of identity, proof of address, bank statements (3-6 months), property details, exit strategy evidence, and any property-specific documentation (legal packs, planning permission, etc.).