In these times of heightened activities of buying or selling properties, loan has become a vital financial instrument for borrowers of all types. You have to buy a property the moment you find it as otherwise others will grab it. But you do not have enough finance at hand and the old property will take time to sell. In such crises bridging loans provide you necessary finance. You can pay for the new property immediately after taking bridging loans and pay off the loan when you sell the old property.
You can utilize bridging loans in acquiring all types of properties such as retail shops, developments sites, commercial or semi commercial properties auction properties etc.
Bridging loans are essentially secured loans. Borrowers have to offer their old property that they want to sell, as collateral to the lender.
Borrowers can take from 25000 to a few million pounds under bridging loans. In case the borrower needs greater amount then the lender will evaluate equity in the collateral. Lenders will offer you a loan of 65 percent of the equity.
Bridging loans are availed normally for a shorter period few months to a year till the borrower sells old...
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