Bridging loans are a used to arrange a short term loan which is secured against assets. Normally used to "bridge" the gap between buying a new property before you have completed the sale of your existing property. Although rates for this kind of finance are typically higher than average, because the term is generally short, actual cost is often outweighed by the flexibility provided. Normal advantages of a bridging loan are:
Most often used to secure the purchase of an unusually cheap property, a bridging loan puts cash in place for a buyer to act faster. The ability to fund a maximum of 100% of the price, provides a distinct advantage over conventional finance. The loan is typically used for a short period (weeks or months) whilst the property is refinanced onto a more competitive longer-term arrangement.
Such loans can be used for personal, non-commercial reasons, like a wedding, holiday, renovation, or to provide a cash sum.
Brit Commercial Mortgages is often able to provide funding to our client’s account within 7 days of the original enquiry. Using our relationships with lenders we are able to quickly identify the most suitable and speedy agreement possible.
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