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Bridging Finance and Loan Possibilities
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Bridging Finance and Loan Possibilities

The most common use for bridging loan is to fund the purchase of a new property, when you won't be receiving the proceeds from selling another property for a month or two. Though bridging loan may have a higher interest rate compared to a conventional mortgage, it has a great advantage of gaining the funds quickly, often within 48 hours, thereby helping you to make some crucial property purchases.

Bridging loan can be an ideal solution for short-term finance requirements as this allows you to act quickly when required to secure the property you want and then refinance to a mainstream mortgage lender.

Another interesting aspect of bridging loan is that it can lend 100 per cent on valuation rather than purchase price with no redemption, so that you can borrow more than the purchase price for development or refurbishment.

Unlike mortgages and secured loans, which are designed to be paid back over a period of years - up to 30 years or more in the case of mortgages, bridging loans are generally taken out with a repayment term measured in months. So if you need a large amount of funds quickly, bridging loans make an excellent choice as they are much easier to arrange.

 

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