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Commercial Bridge Loan ?
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A commercial bridge loan is available for those who need to borrow some money for their business. This type of advance is a short-term credit that allows you to use your business or property to secure the credit. The term of the advance is very short, generally 6 months. This allows the borrower to finance for a short period of time and then re-finance before the specified date.
The security of the money borrowed is your business or your home, based on what you use. The amount of money that can be financed is generally up to 85% of the value of the business or property. These advances are considered junior loans and are not second mortgages.
The commercial bridge loan offers the ability to receive money quickly. It allows borrowers to decrease the amount of time it takes to close on an investment property. This type of advance is administered rapidly. There are some additional costs associated with the administrative fees as opposed to other conventional types of credit.
Often the terms of the advance are that you will not need to make any payment for 2 or 3 months. This allows you enough time to get the funds and to make headway on the potential sale of pending property. Keep in mind that the basis of the commercial bridge loan uses the commercial property or business as security or collateral for the repayment of the money. This means that if you are unable to pay the credit back within the specified time period action can be taken to foreclose on your property.
This advance can be a helpful financial tool in working through issues related to property sales and business dealings. Shop for one of these advances just as you would for a regular credit or mortgage. Take into consideration the finance rate, the payback terms and administrative fees. In addition, if the money is needed quickly, take into account the processing time needed for the advancement.
A commercial bridge loan may be the source of money you need when trying to make a business deal. Ensure that you will be able to make the payments on schedule so that your business or collateral will not be in jeopardy.
Bridge
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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