What Are Bridging Loans Used For?

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So just what exactly are Bridging Loans Used For?

 

Well, the main use of a bridge loan is for the purchase of a property usually a residential one but it could also be a commercial or mixed property, this type of finance is short term over anything from one month up to twelve months, the loan its self can be used for anything you like it is just that they have to be secured against a fixed asset such as a property and the loan would normally be paid back from the sale or remortgage of the property that has been offered as security for the loan.

 

Example uses of a Bridging Loan:

 

Chain Break where one of the buyers or sellers pull out

 

Auction purchase

 

Payment of an unexpected debt or bill

 

Why Use Bridging Loan

 

Traditional mortgage lenders will only offer loans to borrowers that have a good credit rating. This is because mortgage repayments are paid monthly over a long period.

 

However, bridging loans are paid off in a lump sum once the capital comes available to pay off the loan. Therefore, the value of the assets secured against the loan is more important to bridging finance facilities than your credit rating.

 

Bridging finance facilities are more interested in the value of the asset you use as security. Providing there is sufficient collateral secured against the loan your application will be accepted.

 

The lending process involves evaluating the equity in the property that is put up as security. This is typically the property you are purchasing but can be other valuable assets including precious gems, gold bullion, expensive jewellery, boats or vehicles.

 

Subsequently, secured assets replace the requirement to have a good credit rating. Because lenders know they have the property that can cover the value of the repayments, the qualifying criteria are more lenient.

 

In order to find out the answer, it is always best to talk to a broker who can compare all of the available loans that you would qualify for and see what is your best option.

 

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 any time day or night and at the weekend. Call Now 0800 138 6001

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