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What can you use a bridging loan for?

Most commonly used by landlords, homeowners and property developers to:

Bridging loans can be used for a variety of purposes. They are short-term loans that are used to cover the gap between the purchase of a new property and the sale of your old one.

Bridging loans can be a great solution for people who need extra time to sell their old property or for those who are looking to purchase a new property before their current one is sold. Bridging loans can be an attractive option for people who have equity in their current property and are looking to avoid the costs of a traditional loan, such as early repayment fees.

How do Bridging Loans work?

Bridging loans work by providing you with the money that you need to cover the gap between your old and new property. They are a short-term loan, which means that you will have to pay it back within a set amount of time. Bridging loans can be used for other purposes, such as home improvements.

Bridging loans can be a great option if you need to cover a large expense quickly. They are also a good choice if you don’t have the credit score that is required for a traditional loan. Keep in mind, however, that bridging loans do come with a higher interest rate than traditional loans.

Who should consider using a Bridging Loan?

Bridging loans can be a great option for anyone who needs to cover a large expense quickly. They are also a good choice for people who don’t have the credit score that is required for a traditional loan. Keep in mind, however, that bridging loans do come with a higher interest rate than traditional loans.

If you are considering using a bridging loan, make sure to compare the interest rates and terms from different lenders. You should also be aware of the risks involved with bridging loans, such as the possibility of losing your home if you can’t repay the loan on time.

How to apply for a Bridging Loan

To apply for a bridging loan, you will need to provide some basic information, such as your name, address, and contact information. You will also need to provide information about your current and proposed property, including the purchase price and sale price.

Your lender will also likely require a copy of your current mortgage statement and proof of income. Make sure to have all of this information ready when you apply for a bridging loan.

What are the risks involved with Bridging Loans?

Bridging loans come with a few risks, such as the possibility of losing your home if you can’t repay the loan on time. You should also be aware that bridging loans have a higher interest rate than traditional loans. Make sure to compare the interest rates and terms from different lenders before you decide to use a bridging loan.

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