These loans are typically secured in nature and can be acquired by pledging any of your valuable assets as security. You can pledge either your new or old property as security against the loan amount. The loan amount offered is substantial and varies from ?100000-?400000 depending on your property's market value. The term of repayment is short and varies from 1-12 months.
Typically short term in nature the interest rates on bridging loans are slightly higher despite being secured in nature. But nothing to worry about, you can easily fetch lower rate deal if you shop around the market.
Bridging loans can be acquired as open end or close end. Open end bridging loans can be entailed if you are inclined to purchase new property but have not completed the sale of existing one or have not found a buyer for it. Whereas, if you are done with the sale of old property but have not received the cash yet. So, for buying new property closed end bridging loans can be obtained. You can freely choose any option that suits your conditions and requirements.
Are you unhappy because of blemishes in your credit report? Anyone can apply for these loans. Bad creditors facing IVA, CCJs, arrears, defaults, late payments, Bankruptcy and skipped payments can approach for these loans. Your bad credit will not stop you!
Applying online is a convenient way of availing these loans. The online application and processing is hassle free. Moreover, you can grab a competitive deal at lower rates easily. There are various lenders to choose from and you can select anyone that you find the best.
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