We expect our lives to go smoothly all the time but that very rarely happens. A need can come up any time it can be a personal need or a financial need. Solution to the personal need may depend on person to person but if you are looking for financial help from outside sources for a short period then an ideal solution are bridging loans UK.
Bridging loans are loans which are offered to people who are looking for quick solutions to their financial requirements.
Instances where the borrowers may need to go in for bridging loans are:
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· Where you want to buy a property and there is a gap where you have not sold your current property.
· Temporary funding for the purchase of a defective property.
· For an entrepreneur who sells to the goods on credit may use it as working capital before the payment is made by the buyers.
· To purchase a property in a hurry i.e. from an auction.
Bridging loans are short term loans which can be acquired by providing collateral to the borrower. Collateral can be provided in any of the two forms available to the borrower. They are:
A closed ended bridge is one in which the repayment source is already in place, but because of the timing the funds is such that they will not meet the requirements.
Another option is an open ended bridge in this the intended repayment source is known, but it is not guaranteed.
Some examples of the items that can be provided as collaterals are. Residential properties, auction properties, retail shops, buy to let properties or any development sites.
Bridging loans are available to every body not only to people with good credit history but also people with bad credit history. All the people need to know is their credit score which represents their credit worthiness and they can also avail the bridging loans.
Some of the features that the potential buyers must know about bridging loans are:
· Bridging loans come for a short period of time ranging from days to a year.
· Bridging loans are available at comparably higher rate of interest.
· Amount sanctioned usually ranges from £5000o to £500000.
· The loan is sanctioned very quickly usually within 5 working days.
· You can also get a loan amount up to 100% of the collateral.
These features make bridging loans a much sought after thing in the market if you are looking for a loan for a short period.
If life goes according to the plan then everything happens in a merry way but that always does not happen. A need can come from anywhere if only for a short period of time it has to be looked after that is where bridging loans can help us immensely.
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