Bridging loan finance is a type of short term secured loan that you can take out relatively quickly and with great ease at times when you have a shortfall in your finances and need to meet this. More often then not it is used when purchasing residential property, as it is often the case that you may not have fully completed a sale for your existing property when you need to make payment on a new property. Bridging loans are also commonly used for the purchase of commercial properties in order to be able to quickly close on a property. The repayments for this type of loan are normally paid back following the successful sale of the property or are refinanced with a more standard type of loan.
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Many banks, building societies, specialist brokers and financial institutions will be able to offer you bridging loan finance and you will often be able to borrow up to a set amount of the property value, depending on the company that you take the loan out with and also how much property you have to secure the loan. The main requirements for being able to qualify for a loan of this type is that you are a resident of the UK and that you are over 18 years old. Often you will also need to be in some form of regular employment. No credit check is typically required as they will normally use the information from the new mortgage to process the loan. This type of finance does not generally use your credit score or employment history to determine whether you will get the finance and usually offers you quick processing and turnaround for when you need the funds quickly or urgently. Often this will be within a few days to a week of your application being received, but can vary among lenders or brokers.
Bridging loan finance can be used for many other things but it is worth bearing in mind that this type of loan is only a short term solution and can have incredibly high rates of interest due to risk the lender is under, so make sure that you know you can fully repay the loan before you take one out.
When you take out your bridging loan finance you will be given the option of either closed or open bridging loans. A closed bridging loan means you have a definite date when you can redeem the loan and provides less of a risk to the lender. You may have exchanged contracts on the sale of your home but wish to complete on the purchase of your new property quicker then you can obtain the necessary funds. An open bridging loan is where there is no confirmed repayment method nor has the date for full repayment been decided and agreed upon. This type of loan will often be used when the terms have not been agreed for the property that is to be sold but you still wish to purchase another property and require the finances for this.
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