Financial preparation is a must in doing any thing. It is even more important in buying a new property. Lack of finances at the right time can lead to frustration because of the fear of missing an attractive opportunity. Quick bridging loan is a viable way for tackling such deficiencies in finances.
Quick bridging loan usually fills the cash gap that arises while purchasing a new property and selling the existing one. This loan can be used for purchasing commercial, semi commercial and residential properties and are provided by banks, financial institutions and private lenders.
This loan is a short term loan, provided to seal a property deal and is secured against the existing property of the borrower. The value of the collateral determines the amount of loan approved. A high equity property can fetch a bigger amount which in turn will help in procuring a new property easily.
Quick bridging loan has very short repayment term ranging from one month to one year during which the property deal has to be concluded and the money repaid. Due to the short repayment duration, this loan has comparatively high interest rates. As it is an interest only loan, only the interest has to be paid during the repayment period. The principal can be paid back at the end of the repayment period.
Borrowers can find this loan in two versions - open end and close end bridging loans. Open end is for borrowers who are yet to sell their existing property and close end is for borrowers who have sold their property and have not received the cash yet.
Quick bridging loan can also be availed by bad credit borrowers. There are specialized lenders available in the market, who deal with borrowers having arrears, defaults, late payments, bankruptcy, CCJs and IVAs and offer them affordable interest rates.
This loan is also available online. By applying online, borrowers get the opportunity to get quotes from different lenders and compare them to choose a deal suitable to their needs and requirements.
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