Our Privacy Policy

This notice is being provided to you because we are just about to collect personal data from you. It is issued by New Mortgage Finance Limited, trading as NM Finance. It explains how we use your personal data.

Lawful conditions for processing personal data

We will only process your personal data when we meet one of the following lawful conditions:

When we have a lawful contract with you;
When it is our legal duty;
When we have a legitimate interest;
If we need to act in your vital interests; or
When you have provided us consent to process it.

If we process your personal data that has been obtained from someone other than you, we will let you know without undue delay.

Who is collecting your personal information

NM Finance, Portal House, 7b Alkmaar Way, Norwich International Business Park, Norwich, NR6 6BF. The point of contact for all personal data related queries is the Data Privacy Manager.

Why we collect your personal information

We collect personal information provided by you to enable us to create a contract with you which we then fulfil in accordance with the terms and conditions of the contract and our Data Protection Policy. We also need to collect your personal information to meet the legal & compliance obligations placed upon us.

Your information may also be used for other specific purposes but only after you have given your consent, for example, to receive newsletters.

Automated decision

When obtaining a Decision in Principle (DIP), also referred to as an Agreement in Principle (AIP), we submit your information via the Lender’s online automated decision-making process. We do not use any in-house automated processing mechanisms.

Who we may share your information with

We share your personal data with the appropriate:

Credit reference agencies;
- NM Finance conduct credit checks through TransUnion (formerly Callcredit), for further information about TransUnion and the information it holds click the link below:
  https://www.callcredit.co.uk/legal-information/bureau-privacy-notice
Fraud prevention agencies;
UK regulators and other legal authorities; and/or
Appointees who are instructed to act on your behalf, for example a solicitor.

We will never sell or share your information with marketing companies.

Security of your personal information

We take all reasonable technical and procedural precautions to prevent the loss, misuse or alteration of your personal information. All business data is stored off-site on a server at a secure location and managed by a trusted third-party contractor. NM Finance Ltd do not operate internationally; our business services are limited to the United Kingdom.

Retention of your personal information

We will retain your information for as long as it is needed to provide you with our services and manage our relationship and also to comply with our legal obligations, resolve disputes and enforce our agreements. In practice this could be throughout your lifetime, but this does not prejudice your right to request that your personal data is no longer processed by us (The Right to Object).

Your Rights

The GDPR extends your rights in respect of your personal data. It should be noted that these are qualified in so much that they do not necessarily apply in all situations. The ‘rights’ are listed below.

- Right to be informed;
- The right to access;
- Right to rectification;
- Right to erasure;
- Right to restrict processing;
- Right to data portability;
- Right to object; and
- Rights related to automated decision making.

https://ico.org.uk

Exercising your rights and access to your personal information

If you wish to exercise your right to access to your personal data, please contact the Data Privacy Manager. We will then contact you to check your identity and may request documents to prove it. For all other queries regarding our processing of your personal data and the exercising of all of your rights, please contact the Data Privacy Manager.

Your options if you have a complaint

If you do have cause for concern or a complaint regarding the way we are handling your personal data, we ask that you contact us in the first instance. This way we can resolve any issues at the earliest opportunity.

If you are still unhappy, or you do not wish to contact first you are, in any event, entitled to complain to the ICO. You may also seek judicial remedies against us or any of the third parties we interact with on your behalf, for damages (both material and non-material) arising from breaches of the GDPR. For more information please visit the ICO website using https://ico.org.uk.

Bridging Finance

Short term loans
to get you from A to B

New Mortgage Finance offers bespoke financial options to suit both commercial and residential clients.

Commercial: Not Regulated by the FCA

Residential: Regulated by the FCA

What types of Bridging finance can we offer?

Maybe you may have found your forever home but not sold your current property. Or you are a landlord looking to complete on your next buy-to-let, or a developer looking for bridging loans for property development.

There are a variety of bridging loan products to choose from and you can select a product tailored to suit your needs. Some of the bridging finance products available include:

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Regulated bridging loans for residential property

Commercial bridging loans for offices, shops or land

Refurbishment loans, where work is required to bring your buy-to-let property up to standard and ready for market

Developer exit finance: a bridging loan secured against the project site, to release funds to start the next project before all of the units are sold

Auction bridging where payment is usually due within 20 working days after an initial deposit has been paid

ANSWERS

What is a Bridging Loan?

Bridging finance or a bridging loan is a short term funding option used by companies, individuals and other entities to secure their short term position until a long term financing option can be arranged.

With the emphasis on the words ‘short term’, this type of loan is quick to arrange, typically taking a week or two, although this can sometimes be quicker, depending on your individual circumstances.

How does a bridge loan work?

You may only require a bridging loan for as little as 48 hours, though the product term can be anywhere from one to 24 months. Often bridging finance is used to bridge the gap between two property purchases falling simultaneously, but equally this could apply to the purchase of land, an office or commercial unit.

For example, if the proceeds of your house sale are funding your next purchase, but the sale is taking longer than expected and you run the risk of losing your onward purchase, a bridging loan would enable you to complete the transaction of your onward purchase, despite not having sold your current home.

Available for both residential and commercial property, a bridging loan can be used to facilitate any project with borrowing usually available for up to 75 per cent of the value of the asset.

Regulated or Unregulated?

Generally, a regulated bridging loan is a loan secured against a property which the borrower currently occupies or intends to.

The main difference between this and an unregulated bridging loan is that the transaction is not intended for business purposes.

What is an unregulated bridging loan?

Broadly speaking the FCA does not regulate loans where the secured property or intended purchase is for business purposes.

A business is normally assumed to be able to understand and assess contracts they are signing and commitments they are making, without the need for the same protection afforded consumers.

Who is it for?

Typically bridging loans are used for auction purchases or bridging the gap between selling your current property and purchasing a new one. Residential buyers, Landlords, developers or even business owners can access bridging loans. Bridging loans are solely based on your property or land assets, which means there are no age or salary restrictions, like there are with mortgages.

What is a regulated bridging loan used for?

By far the most common use of a regulated bridging loan is in circumstances where there is a chain break. Buyers may use a regulated bridging loan to ensure they can purchase the new property before selling their own.

Aside from the property chain break there are a minority of regulated bridge cases that are driven by the personal circumstances of the borrower with an immediate need to raise cash, or to refurbish a property before exiting to longer term finance.

What is an unregulated bridging loan for?

Common commercial uses of an unregulated bridging loan include:

Purchasing land for the purpose of obtaining planning permission before a development
Funding works to a property
Securing residential, commercial and semi-commercial property quickly
Purchasing properties at auction
Purchasing and refurbishing a property for resale
Securing a property to make improvements ahead of getting a Buy-to-Let mortgage.

ANSWERS

How does bridging finance work for property development?

If you want to improve an existing property, then you need Bridging Finance. Bridging Finance products can be used to help fund light or heavy refurbishments. If you are doing a Ground-up development project, you would require Development Finance.

Light refurbishment

This is any type of development where you typically don’t require planning permission and there is no need to carry out any major structural work. For example, this could include anything from a small extension under permitted development to straightforward, cosmetic, interior changes.

Heavy refurbishment

Heavy refurbishment is any type of development where you are making large, structural changes to the interior, usually requiring planning permission. This could include development projects like converting a house into flats or developing a commercial property into an HMO (house in multiple occupation).

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Ground-up development projects

As the name suggests, this is a development project where you are creating new residential dwellings. This can include anything from complete, new build properties to demolishing an existing property and rebuilding it as well as barn conversions. You would not need a Bridging product for this, but Development Finance.

"It's always a pleasure to deal with Max and his team and I would 100% recommend to anyone looking for finance. We completed our first Bridging Finance deal at the beginning of the year and it was a hassle free, smooth and quick process. Since then we have completed several mortgages, remortgages and a further bridge".

– David P (Read more Google Reviews)

Why use us for your Bridging Loan?

Getting you the finance you need, right now

We know that sometimes you don’t have time to wait for a mortgage, which is why we also specialise in bridging finance and loans. With heaps of experience and access to all of the providers in the market, you won’t be waiting long to secure your dream property.

Quirky and unusual scenarios are our speciality (we can do the regular stuff too)

You may need to purchase a property which needs refurbishment and require a bespoke solution like bridge-to-let, where we can arrange a bridging loan for you, then revert to a buy-to-let mortgage once you have completed the work. Whatever your situation, we are confident we will find a solution to suit your needs.

Flexibility comes as standard

Bridging loans are by their very nature, a flexible financial product. If you need a bridging loan for 48 hours: we can do that. A month or 24 months: we can do that too. With no minimum term, no early repayment charges and interest only payable for the period when you need the cash, it is a good solution for residential and commercial purchases alike.

Long-term partnership

We pride ourselves on building strong relationships with both developers and property development finance lenders alike. We believe in nurturing our relationships, which is why our customers work with us, project after project.

Get in Touch and Tell Us Your Plans

Our experienced and expert property development finance team will work quickly and efficiently to search the market, liaise between you and the lender and ensure every last detail is taken care of to get your plans off the ground.

Arrange a Callback

Please fill in the form below and one of our team will call you back within 24 hours.