Help Fix the Gap with a Bridging Loan
As most people will know a Bridging Loan was created to bridge the financial gap between the sale and purchase of property. A bridging loan will provide you with the money you require to purchase the property you want. They are simple and straightforward to use so there is no added stress to the situation.
A bridging loan will always be secured, so you will need to provide the company with collateral, most people will use the property they are selling or the one they are purchasing. Because this loan is only short term the interest rates are considerably higher than other loans.
The amount you are able to borrow with a bridging loan is usually £25,000 – £500,000, this does depend on the value of your collateral. You will normally be given between 1 week and 2 years to repay the loan, how long you get obviously depends on your circumstances.