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Bridging Loans - Residential
Property
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The bridging loan for
residential property is designed as a short-term loan,
usually under a year. The average length of time for a
bridge loan is 6 months. You should expect to complete
the sale of your property within this amount of time.
This type of advance is one that is designed to connect
the gap between the sale of property and the purchase of
new real estate. This advance for a home property is a
way to proceed with the new purchase even when the sale
of the old property becomes delayed. The reason for the
delay is not important, except for the fact that you
will need to repay the credit in a short amount of time
The bridging loans for residential property application
and approval process is short. Generally, the
application and approval process take several business
days and you should expect the check within a week of
application. There are application and administrative
fees for this type of specialty advancement.
This type of advancement is available to all UK
residents over the age of 18. It usually does not
require credit and background checks as regular
advancements do. this type of credit uses the mortgage
as a guideline to lend the money. The property itself is
used as security for the credit. If you default on the
loan the lending company can repossess the property. For
this reason it is important that you are certain of the
ability to sell the existing property within the time
frame of the credit.
The bridging loan for residential property can be a
helpful way to afford the property you want while
awaiting the completion of the sale of your existing
property. You can find many lenders who offer this type
of advance. Investigate them over the Internet to ensure
that you use a reputable lender. Many banks offer these
types of credits to their customers. Don't take an
advance for more than you need, no matter what the
lender tries to tell you. Allow enough time for credit
repayment based on the sale date of your existing
property. If you use common sense, you will be able to
use this type of advancement to your advantage.
Bridging
Loan Finance
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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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