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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
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.