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The 5 Things
You Need To Know About Bridging Finance
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Bridging finance is
becoming a steadily increasing loan business. It is
designed to be used to fill in a gap in financing when
selling one home and purchasing another, these loans are
readily available throughout England, Scotland and
Wales.
1. This type of loan is for everyone. It doesn't matter
what your financial status is or what your credit score
is, you are eligible for this type of advance as long as
you own a home or property. The loan is then made
against the home as a type of second mortgage.
2. Bridging finance loans are short term. They are
designed to be repaid in a short length of time,
generally within about 6 months. You will need to pay a
management fee in addition to the loan amount and
interest.
3. There are two types of these advances. Open loans are
used when there is a delay on the sale of your home
thus; there is a short-term need for funds to purchase a
new home. Closed loans are used when there is a need for
funds due to a delay even though there is a contract to
sell your home.
4. You can use bridging finance to get funds for any
purpose. You don't need to be purchasing a new home. In
fact, you can use the funds to finance anything you need
such as a holiday, wedding or bills. These loans are
quickly approved and you'll have the money you need
quite quickly. Keep in mind that the more money you need
to finance, the longer the approval process will be.
5. These loans are usually created at a higher interest
rate and are meant to be repaid quickly. You can get
into trouble when you don't repay the loan as specified.
Your property may need to be appraised to ensure the
value before approving a loan amount.
In general, bridging finance is straightforward and can
be helpful in many situations. Be sure to read and
understand the details of the loan before signing the
documents. Make sure you will be able to pay the loan
back in the specified time.
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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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