Seamlessly bridge financial gaps with short-term, flexible bridging loans
Bridging loans are often used when a homeowner wishes to buy a new property but has not yet sold their existing one. It's a temporary solution to secure the new property before the sale is completed.
These loans are short-term loans, usually with terms ranging from a few weeks to a few months. They are designed to provide fast access to funds to enable a seamless transition.
Bridging loans typically come with higher interest rates compared to traditional mortgages because of their short-term nature and the relatively higher risk associated with them.
The property being purchased or the property being sold (or both) is often used as collateral for the bridging loan, this also provides security for the lender or provider.
Borrowers are expected to have a clear exit strategy, which means they should have a plan in place to repay the bridging loan once their existing property is sold as swiftly as possible.
Bridging loans are a flexible financing option that can help homeowners and property investors secure a new property quickly. They are also used in scenarios such as property development or buying at auction, where funds are needed urgently.
However, they come with higher costs due to the short-term nature and are best suited for those who have a clear plan for repayment.
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