Bridging Loan Money Saving Expert, What are Bridging Loans.
A bridging loan from money saving expert, Money saving expert is a financial website that gives advice on financial products such as bridging loans and finance, a bridge loan is a loan that is secured against an asset in nearly all circumstances this will be a property that you either currently own or one that you intend to purchase, although they can also be taken out secured against another form of tangible asset providing the bridging lender is comfortable with the security on offer.
Bridging Finance & loans can be obtained in a very short period of time where time is short, with some loans completed in as little as one week from initial application, although this would be the exception, These loans are also very much non status and the lenders main security for the loan is the asset being offered, as such your credit history and employment status whilst taken into consideration will not affect your chances of getting a loan, the lender instead will rely on the loan to value of the property being offered, this can be up to 100% if you have more than one property to offer although most bridging loans are at around 60-80% loan to value.
Bridging Loans Money Saving Expert, Some typical uses for a Bridging loan would be as follows
Buying a property prior to selling yours
Many bridging loans are used to buy a property before you actually sell yours, it may well be that you see a house that you want to buy and yours is still not under offer, this is where this type of finance can help, you use the loan to purchase and then pay it back when you have sold.
A broken chain.
If someone unexpectedly pulls out of a property chain the whole chain can collapse, with bridging finance you can use the funding to replace the person and then carry on with the chain, the loan will be paid back once all of the sales complete.
Buying an unmortgageable property
If a property is unmortgageable, perhaps in poor condition or a short lease a bridging loan is used to make the initial purchase and then with either a new lease put in place or the repairs carried out to get the property back up to scratch and then a mortgage can be put in place to repay the bridging loan.
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