The ‘180 day sale value’ is a valuer’s opinion as to what sales price may be achieved if the security property had to be sold within 180 days of the valuation date. Except in certain circumstances, it is this value that Vitvo uses to calculate LTV ratios and so directly affects the amount of money that we are willing to lend on the bridge loan.
The ‘180 day sale value’ may, or may not, be the same as the ‘open market value’ of the property provided by an estate agent and refers to the risk that a property may not achieve its ‘open market value’ if it has to be sold within a 180 day period. In short, it is the risk that a lower price may be achieved in a ‘forced sale’ scenario (here, the need to sell within a 180 day period rather than longer) that could occur if the borrower defaults on repayment of their bridge loan.
Bridge Loan Application - Leave your Contact Details, and we will Call you
On receipt of your details, you will receive a call from one of our knowledgeable, and friendly staff. We know each potential Bridge Loan has a story, we would like to hear it. It should be painless and quick, with a DIP following within minutes!
Thanks for the application! We aim to be back to you within the hour, unless outside working hours, in which case on our return
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1 Hour to your Decision in Principle once you Connect
A decision in Principle can be given within an hour of application, if during weekday hours. We can take a Bridge Loan from Decision in Principle to cash in your bank inside 4 days if necessary.
How to Apply for a Bridge Loan
Decision in Principle
The first step in obtaining a Bridge Loan is to enter your basic details; your name, type of bridge loan you want, property providing the security etc. On receipt Vitvo will issue a Decision in Principle within an hour, if the application is made within working hours.
If you wish to proceed with the Bridge Loan based on Vitvo's terms; the second step in obtaining a Bridge Loan is to enter your remaining details of the loan in an application form. Parts of it will already be pre-filled from the original details you gave us at the Decision in Principle Stage. On receipt, Vitvo will turn this around in 1 working day.
Valuation and Legals
All being well, Vitvo will confirm that we can proceed with the Bridge Loan. The third step in obtaining a Bridge Loan, is for Vitvo to arrange for a valuation, typically around £1,000. Simulataneously, Vitvo will work with your solicitor to document the agreed terms in a Bridge Loan agreement. Once this is agreed, and signed by both parties, your Bridge Loan is binding. This can take 3 days if each party is engaged.
Once the Bridge Loan has been signed, our solicitor will transfer the money to your solicitor within 3 hours.
This information is strictly for the use of approved intermediaries only Vita Solvo Ltd registered in England and Wales with company number 08251204 having its registered office at Flat A Melcombe Regis Court, 59 Weymouth Street, London, W1G 8NS