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Bridging Loan Lenders – Tips For Getting The Best Quotes ?
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There are many
financial lenders and credit centers that offer
bridging loan quotes. These advancements are designed to
be short-term credits to make up the gap in funds when
purchasing a new home and selling the old one. There are
times when the timing does not line up. Rather than give
up the new home, this type of advancement allows you to
complete the new purchase while following through with
the sale of the current property.
Here are some tips for getting the best bridging loan
quote you can:
Application - Review the application for the institution
you wish to get an estimate from. Many of these
applications are similar. Make sure that you have all
the information you will need in order to proceed
quickly with the advance.
Know Your Credit Score - use your credit score to get
rough quotes from lenders over the phone. Although they
can't give you a solid estimate, they may be able to
give you a close idea of the amount over the
phone.
Know The Credit Amount You Need - Often, people are not
sure of the credit amount they will need. Know this
amount before you start your search for a bridging loan
quote. · Check Interest Rates
Research Online to find out what the current interest
rates are for these types of advancements. These are
typically higher than interest rates for traditional
advances because this type of credit is considered a
specialty advance.
Compare Like Amounts - When calling lenders and checking
on credit estimates, be sure to compare the exact same
credits. Decide in advance the amount you need for the
credit and the optimum length of time you will need to
repay the amount. Then you can compare bridge loan
quotes based on these criteria.
Research Companies - Make sure that you choose a
reputable finance company for the transaction. Take into
consideration the amount of time the company has been in
business as well as the reputation of the company. Often
it is better to choose a well-established bank over the
new finance company to ensure that the credit will go
through.
Finding a bridging loan lender quote can be an
easy procedure if you follow the guidelines above.
Bridging
Loans
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| Who's Suited |
- Purchasing
property at auction.
- Property refurbishment or conversion.
- Chain breaking mortgages.
- Homeowners who have been or about to be repossessed.
- Funds required within days not months.
- Short-term finance for business purposes.
- Commercial property purchase and refinance. |
| Features |
- 100% LTV
Available.
-Market leading rates from 0.75%.
-1st charge or second charge equity release. |
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