Using of the property or assets to avail loans in emergency to compensate financial need is a good idea. With bridging loans the person can cut short the emergency big cash requirement. Bridging loans help in bridging in the gap between the two property transactions.
Secured bridging loans are the short term loans that are secured by a security and helps in filling in the financial gap between two property transactions. The security can be anything like commercial property, non commercial property or the residential property. Secured bridging loans cover the difference between sale of your existing property and your requirement. Secured bridging loans are basically used when the borrowers do have resources but those assets cannot be converted into hard cash instantly at that point of emergency.
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The loan amount under secured bridging loans varies according to the collateral kept, borrower's ability to repay, credit history, income status etc. However the usual loan amount granted under secured bridging loans ranges from £50,000 to £1million.
The repayment tenure for secured bridging loans is short so the borrower has to make quick repayment arrangements to avoid any legal action by the lender.
The online feature of the secured bridging loans has helped in fast approval of secured bridging loans. The borrower needs to submit an application form giving these personal details like name, residence address, telephone number, income status etc. The borrower can easily log on to internet and find out the best suited deal. However a proper research is needed to be done before finalizing on a particular deal.
Borrowers with bad credit history like CCJs, Bankruptcy, arrears etc are no exception and can also apply for the secured bridging loans. Since the borrower keeps security against the loan amount so the bad credit history does not bother the lender much.
For all the borrowers who need cash for buying property can avail secured bridging loans as these loans are easily approved and offer quick cash.
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