BRIDGING LOANS EXPLAINED
If you are looking to purchase a property within the UK or in Europe, but are worried about arranging funds when buying the new property, a bridging loan could be the answer.
There can be times when you want to buy a new property, but selling your existing property can take much longer than expected. In this type of situation a bridging loan could be the easiest way to arrange funds. With a bridging loan you can bridge the gap between the sale of your existing home and the purchase of your new property.
Bridging loans are secured loans, therefore the lender will place a charge either on the borrowers existing property if it is unencumbered, or they can use the property they wish to buy as security.
Bridging loans can be used for most types of property purchase:
As experienced principal lenders we understand the urgent financial requirements of all of our borrowers, and therefore we process enquiries as soon as we receive them. If all the necessary documents are provided at the time of application, you can get bridging within 24-48 hours.
The process of obtaining a bridging loan with Supreme Finance is fast and flexible, and our lending can be adjusted individually to meet your requirements.
Can Bad Credit scorers apply for Bridging Loans?
People often hesitate when opting for a bridging loan this can often be due to their bad credit history. However, the good news is that bad credit scorers can also benefit from a bridging loan.
Bridging loans are secured on either an existing property or against the new property for which the facility is required, almost any one can apply. A bridging loan can even help to improve your credit score if loan payments are made on time.
Bridging Loan Repayments-
Bridging loans are short term loans, therefore the interest rates charged are generally higher than traditional loans, and it is most important to repay the loan on time, the repayment term is generally between 3-12 months, in some cases an extension of time can be arranged.