You might be thinking of buying a new property for your commercial or personal requirements. You might not be able to convert your thought into action due to lack of sufficient funds. For arranging the required funds you might be thinking of selling your present property. But we all are aware that selling a present property at the desired rate cannot be done immediately and in a hurry. For such times a special loan known as bridging loan is designed.
Bridging loan are short term financial arrangements for the borrower so that he doesn’t miss buying his ideal property due to lack of finances. Bridging loan derived its name because it is used to form a bridge to cover the financial gap between buying a new property and selling the old one. Bridging loan makes it possible for the borrower to buy a new property without selling the present property immediately.
Bridging finance are secured loans lent by the principal lenders against collateral placed by the borrower. The loan amount that can be availed depends upon the value of the collateral placed. Bridging loans have higher rates of interest and also being a short term loan the repayment time is also shorter. However some lenders do offer cheap bridging loans.
The best thing about fast bridging loans is that it can be easily availed by bad credit people also. In fact by repaying the loan amount in time, bad creditors can improve their credit score. The entire process of borrowing a bridging loan is very simple and easy for all.
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8 comments:
i havent heard of this but sounds interesting.
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