Frequently Asked Questions
How long does it take to obtain a loan?
Oakbridge can provide an immediate “in principle” decision and approve a loan within two hours. Drawdown is reliant on the complexity of the case, the valuer providing a satisfactory report and the lawyers completing the formalities. Practically 2-10 working days.
Are there any restrictions on what the loan can be used for?
Loans can be used for any lawful purpose however we cannot assist in respect of “credit repair”.
Where do you lend?
We lend in England, Scotland and Wales.
What security is required?
We will require a 1st and/or 2nd charge over residential property (commercial property can be considered).
Is there a maximum age for borrowers?
No, we treat all prospective clients the same. We focus on the client, the purpose of the loan, the source of repayment and the quality of the professional introducer and advice provided.
When is a valuer instructed and who by?
A valuer will be instructed by Oakbridge as soon the borrower(s) confirm they wish to proceed with the facility. The valuer will contact the borrower re access to the property and obtain payment direct.
Does an exit have to be in place?
It is essential that a clear and credible repayment strategy is provided, e.g. loan to be repaid when the security property or another property is sold or provision for long term lending is in place.
When does a loan have to be repaid and if necessary can the loan be extended?
The term of the loan is agreed at the outset however should circumstances mean that there is a delay, the company is happy to consider an extension to the loan subject to a full understanding of the circumstances.
What happens if the loan is repaid earlier than anticipated?
The loan can be repaid at any time, subject to the minimum of one month’s interest and the arrangement fee. There are no penalties or hidden fees.
Can the borrower use your Solicitor?
The borrower(s) should always have independent legal representation. In exceptional circumstances where for instance the borrower does not have a lawyer and the matter is urgent then the company’s lawyers may be prepared to act for the borrower. This would be under the strict understanding the primary responsibility of that firm is to the borrower.
When do fees become payable?
When a client requires the certainty of a committed facility being in place and has accordingly accepted our offer, in writing, then the arrangement fee (which is shared with the introducer) becomes payable.
Is proof of income required?
Our borrowers do not service their loan as interest is calculated on days drawn accordingly we do not usually require our borrowers to provide proof of income.
We appreciate that for many introducers bridging loans are not an everyday experience and we will provide as much assistance as possible, working in partnership with you to get loans completed.