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Bridging Loan Example, Bridging loans & finance offer short term financing solutions for lenders who wish to obtain a loan by offering a property as security for the loan, unlike a personal loan you will need a property to offer the lender security for their cash, these loans are only ever for a short period of time with most being offered over a 12 month period, after which the loan will need to be either extended for up to six months or paid back, although often you can re-bridge to pay back the original lender and the loan taken out for another 12 months, Bridging Loan Examples are as follows.

 

These type of finance are used to either purchase property or often to get a loan from the equity that you have in a property that you already own, often this is because the borrower cannot access cash quickly from another source or that they have a poor credit history, examples of how these loans are used would be as follows.

 

Buying a property before you have sold.

 

Often you see a property that you would like to buy and you have either not sold yours or even started to market it, this type of bridging loan could be used to get access to capital quickly so that you can buy the property and then arrange a mortgage after you sell.

 

A broken property chain.

 

When you are in a property chain and one or more of the buyers or sellers pull out unexpectedly, the whole chain can fall apart meaning no one can complete the transaction a bridging loan can help restore the chain and allow all of the sales to complete

 

Buying a property that you cannot get a mortgage on

 

Often mortgage lenders refuse to lend on properties that are uninhabitable, due to poor condition, Bridging Companies are not so concerned about this and will just lend against the bricks and mortar value, this allows you to make the purchase and then but right the faults, after which you would obtain a traditional mortgage.

 

 

What Next about your Bridging Loan?

 

Contact us to go through all of the options that are available to you can use chat, our web form or give us a Call 0800 138 6001 any time day or night and at the weekend.