|
|
What
is a Bridging Loan?
A Bridging Loan is a type of loan that is used to cover shortfalls between buying one property and selling another; or to cover businesses between funding tranches. A prime example of when you might need a bridging loan would be if you're poised to buy a new home but are let down on the sale of your existing one. To secure your new home, before it goes to the competition, you could use a bridging loan. It's basically a very short term mortgage. Like a mortgage, it's a loan that is "secured" against property. Bridging loans can be used for reasons other than buying and selling property... Holidays - the dream of a lifetime Weddings - the wedding you always wanted for your children Cashflow - when you need some cash urgently Inland revenue - for those unexpected payments Business capital finance - when funds are required for a short period of time Development finance - for building residential and commercial units Land purchase - with and without planning permission Overseas Property - for commercial, residential and holiday properties Loan Security
Any type of residential, semi-commercial or commercial property or land in England, Scotland and Wales can be considered as security for a bridging loan. |
|
||||||||||||||
