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Bridging loans are your friend in need that saves you from being a loser
Do you require an immediate fund to close a property deal? Or do you need quick money to complete a development project? Don't worry; bridging loans can promptly solve such problems! These loans are fast and flexible which also has no hazard of dealing with huge number of documentations and paper works.
Individuals and companies both can avail short term bridging finance which is highly rated for its lightning speed access to cash. It is basically a premium service that provides you a quick loan to fulfill your immediate needs and no doubt the fastest amongst other types of loans.
If you are an investor or developer it is extremely beneficial for you to take out a bridging loan either to buy property before closing the sale of your existing house, or to service existing debts on which you will otherwise slip into arrears. No other loan will be so readily available like this and naturally you also need to be prepared to pay a higher rate of interest which is so helpful to meet your immediate requirements.
if you are in a house sale 'chain', bridging loans are particularly the most useful solution for you. There are situations when you immediately need to buy a new house and can not wait to sale your old house for various reasons. A bridging loan is the only way out which can help you to buy the house immediately and also enable you to buy some time to sale the existing one in due process. A 'closed' bridging loan for the value of the deposit you require would help in this situation. It is a kind of loan that is taken out before the sale of the first property is complete, and naturally the lending authority shoulders a high-risk proposition for which you are supposed to pay particularly high rate of interest along with proper documentations. But you will definitely happily accept that as it is a better option than to leaving the opportunity of acquiring that house.
Bridging loans are also considered to be a good option for those who urgently need to make payments on debts from which they are already in arrears. In those cases also the interest rates are high as there is a lot of risk involved for the lender. The monthly repayments are also fixed at a high rate due to the short time-span of the loans.
This case study below will reveal how bridging loans in uk works.
Mr. and Mrs. Campbell had found a good house but they were yet to sell their property which was to provide their equity. They were able to arrange a bridging finance that helped them to enjoy a breathing time to sell their existing one at a standard rate. This turned out to be extremely beneficial for them as it also helped them to reduce their debts.
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