How Bridging Loans Can Be Used
What can a bridging loan be used for?
A bridging loan is quite simply a short-term loan which can be used to bridge the gap between your finances. Whilst there are many situations in which a bridging loan can be used, some common circumstances are:
- Below market value purchases
- In cases of refurbishment or re-development
- To carry out essential repairs so that a property becomes eligible for mortgage lending
- Chain breaking
- Auction finance
- Probate cases
- To cover mortgage delays
Whilst they are available for 6-12 months, they can be offered for longer depending on the circumstances. They are also a great option for those who have poor credit history as this is often not taken into account by lenders. A bridging loan is also incredibly flexible as you can repay early and any unused interest is rebated which means that you will save money.
To learn more about how we can help you secure a bridging loan for your project or situation, get in touch with our team today.
Reach out to our team now
You can arrange a call via our website or get straight to it and give us a call on 0207 788 6627. Don’t forget to find and follow us on Facebook, Twitter, Instagram, YouTube and LinkedIn.
