Application Form – The very first step to secure a bridging loan is to fill a complete application form which is provided by the lender. The application form will ask your personal details and the entire information requisite to acquire a loan.
Bad Credit - A person will have a bad credit if he fails to repay the loan to the creditor. Bad credit hinders him in taking up a loan in the future. However the bridge loan can be secured even by the people having bad credit score.
Bridging loan – A short term loan acquired to meet the urgent financial requirements related to property. This type of loan bridges the gap between the buying of a new property and selling of the old property. Generally the interest rate is higher than the other forms of traditional loans due to its short tern nature. The time period for a bridge loan varies from 30 to 360 days.
Bridging loan lender – These are not the regular financial institutes used for depositing the money and other transactions. Bridging loan lenders specialize in providing quick and easy short term loans. They have the ability to provide loans even to the bad creditors.
Collateral – A property used as the guarantee against the loan secured. Collateral is an important part of the commercial bridging loan. This will specify the loan amount to be proposed by the lender.
Valuation – This is the fee payable to the lender in advance for the valuation of your property. Lenders make sure that the property is worth the amount you would want to borrow.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment