Bridging Finance has Several Advantages over other Loans | Real ...

The biggest benefit of employing bridging finance is that you can easily complete the purchase of the new residence simply because the completion of the sale of your existing property. A bridging finance is a temporary loan that allows a purchaser to purchase a property devoid of being held up by the cumbersome and lengthy sales process. This can be highly beneficial when you find a promising property and don?t want to lose it due to the lengthy chain in your sale. Bridging finance can help you in moving straight into your new home devoid of opting for the rented accommodation.?

You can get bridging loan devoid of a short time and can use it for various purposes, such as first or second mortgage loans, funding auction finance, debt consolidation, construction, home renovation, new-build development and refurbishment. Many bridging loan providers even defer their fees until the completion of your deal as they add it to your new mortgage. This helps in keeping the costs down.?

Let?s have a close look at various benefits of bridging finance over other loans:

? These loans are very flexible and can be used in many circumstances. If you have been refused finance by the regular lenders, you can use bridging loan as an option.?

? You can entry bridging loan very quickly (within 14 days at the most), but in some cases, they can even le entryed within 24 hours. Therefore, if you sat at some property auction and feel that you will need funds the next day, a bridging loan can be a good option.?

? You can entry bridging finance even if you have bad credit score simply because lending criteria in such loans is based on the feasibility of the project than on the individual applying for it.


? You can make early repayment of bridging loan. You should discuss your intention to repay your bridging loan early at the outset, to avoid all those ?early repayment fees? later on on.


? Bridging loan comes with flexible curiosity payment that allows you to build up your amount (that is due to the creditor) and then pay it immediately in one hit. This is valuable as most of the folks entrying bridging loan also have a long-term finance lined up, such as buy-to-let mortgage.?

Therefore, if you need fast entry to funds devoid of too much of hassles and paperwork, then bridging finance is the best available option for you. You should shop around to see what is on offer in the market before settling on a finance with your bank

Source: http://www.ahfaeroey.org/bridging-finance-has-several-advantages-over-other-loans.html

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