Bridging Loans

A bridging loan is generally used at times when you need a large sum of money quickly. They are seen as a short term finance solution and will normally be paid back over a relatively short period of time of up to a year. There are number of types of bridging loans available and the main reasons for you being likely to need one are for times when there is a property you wish to purchase but where you have not yet completed on your current home and therefore need to find finances to fund this. If you decided to purchase a property at auction then you may also find that bridging finance could be useful for you. Loans can be obtained for commercial, residential or land purchase and are available as open or closed finance, depending on whether you set a date for repayment or not.

You will also find that bridging loans are more expensive than other types of loan since there are more risks involved for the lender and due to the high interest rates and various fees. Bridging loans are relatively straightforward to arrange; can be completed online; and can be arranged quickly and often with little documentation. Bridging finance on an auction property can be arranged in days and the decision is often made within hours of making the initial inquiry.

Short Term Bridging Loans