 Bridging loansA Bridging Loan is a type of loan that's used to cover shortfalls between buying one property and selling another. It's basically a very short term mortgage. Like a mortgage, it's a loan that is "secured" against property. Bridging loans can be used for almost any purpose so long as there is enough equity in the property. Bridging loans used to be regarded as a last resort solution. Bridging finance has transformed and they are no longer just for the desperate house-mover but also a valuable tool for savvy property investors and developers.Bridging loans are useful when buying properties at auctions because the borrower usually has a deadline of 28 days to complete the process. Bridging Loans can give you immediate access to funds which will make purchasing property at auction as simple and as hassle free as possible. Depending on the lender, a Bridging Loan can be obtained by the self employed or people with bad credit or anyone who have found it more difficult to get loans and mortgages. Talk to us today to see if you could be helped by a bridging loan.
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