Your search for short term finance is over!
Bridging loans are the product of the short term market fund and will provide financial assistance between the selling of old property and buying of new property.
Bridging loans are secured loans in which the old property which is to be sold is taken as collateral in the loan deal. Generally it is seen that the secured loans carries low interest rate. Despite of the fact that bridging loans are also secured loans, still they carry high interest rate. The reason behind this is that, they are short period loans and the risk involved in them is high.
Easy Rates & Terms !!
You can also avail bridging loans on competitive rates which is possible through research. There is always a need to search for the lender which matches with your financial needs and requirements. Sometimes it is seen that many advertisement misguides so, you should be careful in choosing the lender. You should ever accept an offer without comparing it with other offers of bridging loans. In other words that offer must be accepted which carries most competitive and low annual percentage rate. Interest rate should not only the criterion in choosing the offer and lender rather terms and conditions must also be compared.
The amount which you can borrow in bridging loans depends on the value of the old property which is to be sold. And, bridging loans are repaid on the realization of money from the old property.
Various Options Available !!
There are many lenders in the physical market who shows their interest in providing the bridging loans. Despite of lenders in the physical market there are many online lenders also who offers more competitive rates than lenders in the physical market. Online method of applying bridging loans involves no processing cost and nominal overhead cost which makes the loan cheaper and competitive. Not only, it's the cost which matters rather it also saves effort and time. The money also gets transferred within 24 hours of approval of bridging loans.
Bridging loans definitely will make you enough financially sound to buy your dream and desired property.