Generally when an individual sets an eye on a property, he has to take a lot of things in to consideration. The price factor is the one which should be given utmost importance. There will definitely be a cash shortage when buying a property. If the individual wants to seal the deal quickly, then he has an option to avail bridging loans.
Bridging loans are those loans which help to bridge the financial gap which arises while buying a new property and the borrower has not yet sold the existing property. These are short term quick loans and can be accessed easily. This loan is sort of secured loan as borrower has to place his existing home as collateral. On the basis of equity value of collateral, lenders approve loan amount. Under this loan scheme borrower is entitled to borrow an amount of £100,000 which can be further increased up to £400,000.
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Although bridging loans are secured in nature, interest rates charged are slightly higher. This is because lenders approve the loan for a very short time period. This loan can be residential, commercial, semi commercial, industrial sites etc.
As specified earlier, bridging loan is an excellent of availing finances for those borrowers who are in need of quick finances. The loan gets approved within 3-4 days after filling the application form.
There are two types of bridging loans available in the financial market. They are open end bridging loans and close end bridging loans. Open end bridging loans are meant for those borrowers who have selected the property but have not sold the existing property. While close end bridging loans are meant for those borrowers who have sold their existing property and are available for a fixed time period.
Bridging loans offer a helping hand to the borrower in the form of quick finances. It provides quick finance to borrower and enables them to seal the property deal without any fuss.
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