Bridging loans for your short term finance needs You’ll know that the property industry can move fast and opportunities can come and go in days at times. Sometimes it’s necessary to complete a quick purchase or to refinance an existing asset in a short period of time and that’s why it’s essential to have the right funding available to you first time around.
A loan like this means that you can access the funds you need to pay for a new home even before you have received money for your old home. There are two different types of bridging loan: open bridging loans; Closed bridging loans. Open bridging loans are available to people who haven’t yet found buyers for their existing properties.
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A bridging loan or bridge loan is a short term loan given to ‘bridge the gap’ between you buying a new house and selling your previous house. Bridging loans can also be used as a short term loan to help you buy a property at auction, where you’ll need the money immediately but may not have sold your current property yet.
Open bridging loans The lender will usually want evidence that there’s plenty of equity in your current home, so that you’ll be able to pay off the loan once you sell. They are usually ‘open’ for no longer than 12 months, although they may be renewed if repayments have been made on time and it looks like the sale or finance may be.
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· Bridge financing is an interim financing option used by companies and other entities to solidify their short-term position until a long-term financing option can be arranged. Bridge financing.
Open bridging loans are typically seen as being riskier. This means: If you are interested in taking out a bridge loan open instead of closed, you may need to prove that you will be able to repay it in the near future to be granted the loan.