Anyone Can Apply for a Bridging Loan

A bridging loan is a great idea if you need cash quickly, but there are certain things you need to keep in mind when you are applying for this type of loan. The first being that you will be required to provide the lender with some form of collateral to support your loan. This is usually the home you are selling. With a bridging loan you are able to lend around 70% of the total value of your collateral. The lender requires collateral in case you are unable to make the loan repayments they will use your property as payment.

They usually last between one week and 2 years. They can last longer but that does depend on your circumstances and the lender who provided you with the bridging loan. The good thing about bridging loans is that you are able to apply for a bridging loan even if you have a bad credit rating. This is because they don’t go off your finances but the collateral you provide.

A bridging loan will be more expensive than other loans available to you as they are only short-term loans and they do carry certain risks for the lender, so they do need to make sure they are covered.

This entry was posted on Monday, June 18th, 2012 at 3:06 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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