Bridging Loan Application

Bridging Loan Application

Posted on October 22nd, 2011 in All, Information. A bridging loan application is easy to fill out. Many banks and financial institutions offer these advances and they often have online requests. Remember that the form you fill out online is a preliminary one and you will be asked to fill out a more detailed form when you visit the finance company.

This type of advance is used for situations where the purchase of a new home and the selling of the old one aren’t synched. The advance allows you to continue with the purchase of the new home by providing temporary funding that will allow you to purchase the new home and pay the funds back with the sale of the old property.

Fill out as much information on the bridging loan application as possible. Most of these forms ask for your personal information as well as the information about both your homes – the one you are purchasing and the one you are selling. The one of most interest will be the home you are purchasing. If you have already received financing for this home (i.e.- a mortgage) you will need to provide all this information to the new lender.

It is helpful to know your credit score before you go in to fill out the bridging loan application. Look for current interest rates for this advance type by researching on the Internet or calling local banks. Most finance companies will provide these types of advances at up to 85% of the value of the home, although this may vary based on your credit score and the amount you wan to borrow.

Always provide all the information they are asking for. The more complete bridging loan application is, the easier it will be to process quickly. Most advances take time when the information is not readily available. If time is important to you in getting the funds, make sure that you provide all the possible information. This may include personal information such as employment records and tax records.

The best strategy for filling out the bridging loan application is to get a copy of the form from the bank or finance company before you go in for an interview. Go through the form line by line, filling in as much information as you can. Then, make a list of any areas that you need to research or gather more information. Use your list to get the information needed. Once you have all the information, you are ready to complete the process and turn it in for approval