Bridging loan is introduced to bridge a space between due arrears. It is short term loan with certain rules and regulations. With the help of this loan, it becomes possible to buy property at auction. In fact, it is highly supportive but expensive kind of short term loan. It is planned to assist customers who are planning to buy home before putting on sale the existing property. Applicants are compelled to pay highest interest rate till full cash is given in one payment. It is perfect only for those who know to manage funds within 6 to 9 months from other sources. Home-movers have to face problems when they cannot manage the gap between the purchase and sale dates. Bridging loans help people who are planning to renovate their existing property and sell it quickly on high rates. Loan criteria in banks is getting more and more complicated which leads an influx of lenders to offer their services for bridging loans. Lenders take significant interest rate as well as administration charges. It is the reason; our customer service warns applicants about risks associated with this loan. In case of availing loan, each and every customer must pay 1.5 percent interest rate each month. If you cannot pay full cash within one year, you need to pay 18% interest rate in 12 months.
Who are the Applicants of Bridging Loan?
Bridging loan is appropriate for applicants who need to get financial support for a few months. Clients are financially capable to payoff full cash after selling their property. In other words, this loan is designed for property developers, landlords and financially strong customers who need to buy property at auction. They have rich assets in their ownership and use land or asset to attain maximum funds. There are various issues that force a customer to apply for bridging loan such as buy to let, investment to gain profit and development of property. Nowadays, it has become a trend to avail loan because banks are unwilling to approve large amount as loan. On the other hand, lenders provide bridging loans in different shapes and quantities. At our platform, only FSA regulated brokers are available to assist you. We can understand your position, current circumstances and guide you better concerning the best type guarantor loans. Side by bridging loan, our company offers various other categories with particular time limit.
• Installment Loan
Time Duration is almost one year where as maximum available loan is £5000.
• Unsecured Loan
Time Duration is within five year whereas maximum limit is £50,000.
• Guarantor Loan
If you have guarantor on your side, you are able to get £7500 amount as loan.
• Secured Loan
Customers need to give property as security to avail £250,000 amount as loan.
• Credit Cards
People with insufficient credit can get maximum £3000 cash to meet their needs; however interest rate for these loans is up to 35.9 percent.
Applicants are free to get quote for Bridging loan or any other type of homeowner loan. Fill an online application and let our experts to assess your financial status.