You saw an eye catching home and want to buy it immediately for the fear of losing it to other buyer. But you are short of cash and finding hard to get the money from friends or relatives. You can't raise the money by selling old home as its buyer will take time. Well, buy that home on taking bridging loans. Finance for acquiring any property like home, office, commercial or semi commercial one is available through bridging loans. One can pay back bridging loans after selling the old property.
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Bridging loans are essentially secured loans as the lenders provide the loan against the old property that the borrower would be selling in a few days. The property to be sold works as a collateral and gives security to the lender that his loaned money is safe.
Borrowers can avail £25000 to some millions pounds of bridging loans. For high amount, the loan providers evaluate the equity in the property. Higher equity ensures greater loan to the borrowers. The lenders generally offer an amount that is 65% of the equity.
As normally it takes only few weeks to sell the old property, bridging loans are taken for a very short period of few days to weeks and for a maximum of one year.
One big advantage of opting for bridging loan is that borrower pays only the interest till he sells the old property. After the loan pay off duration has ended and the borrower is able to sell the property, he returns the principal amount to the lender.
The lenders charge a very high rate of interest on bridging loans. This is because lenders want to earn as much interest as possible in a short period. The high interest rate, however, does not pinch the borrower much as his priority is to get the loan instantly. Moreover, the loan can be paid off in a very short period and hence interest outgo is seldom too much for the borrower.
Because of the high interest rate involved, the borrowers pay off bridging loans as quickly as possible. In case they fail to clear the loan in time then interest rate may become a burden.
Lenders do not bother about bad credit history of borrowers while offering bridging loans but the adverse report may be a hurdle in availing loan of larger amount.
Bridging loans are very popular with borrowers as they can quickly get the required money at the time they need to buy new property. Thus the borrower is saved from a long wait for the money. Because the loan is availed for a short period, the borrowers never feel the burden of the debt in most of the cases.
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