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Want Bridging Finance Advice
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This type of advance is a short-term loan that allows you to borrow money to complete a property purchase transaction while the sale of other property is still pending. Essentially, this type of specialty loan allows you to go ahead with a planned purchase when the sale of your other property has been delayed. Here is some bridging finance advice to help you to better understand the bridging loan.
· Loan Companies You should get your loan financed through a reputable lending company or bank. Make sure that the company has a history of completing these types of loans. Check their web site for further information. Often, your regular bank offers this type of advance to their customers.
· Application The application is not hard to complete for bridging finance. Many companies offer an online application. Be careful that you only allow the company you want to get the loan through to request your credit history, if needed.
· Approval Process The entire process, from application to payment, usually takes only a few business days. If time is important for your process, which it usually is, make sure you choose a loan company that will get you the money you need quickly.
· Security bridging finance uses your property as security for the loan. This means that your home could be repossessed if you fail to pay the loan on time or default on the loan.
· Loan Amount Always determine the amount of money you need to borrow before shopping for a loan. The loan amount will determine, in part, the interest rate and the payback time. Most bridge loans are made for up to 85% of the property value. The more money you borrow, the higher your payments will be.
· Sale Pending It is best for you, the borrower, to take out an advance only if you have a sale pending on your other property. Many homeowners have gott into trouble because they think they will easily sell their home and then dont.
· Appraisals Know the property values on both the property you are purchasing as well as the property you are selling. Understand the current market value and be realistic about your property.
With this bridging finance advice you will be able to understand the benefits and risks involved with these advances and be able to make the right decisions about getting one
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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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