Bridging loans are loans that are secured, just like a secured loan. You can secured a bridging loan on many different types of properties, for example: land, a farm, or even a commercial property.
Bridging loans can be taken as first charge loans, like a mortgage, however the most common bridging loan is taken as a second charge on a property so that one is able to borrow the fund quickly for almost any legal purpose. There are many different reasons why one would normally want to take out a bridging loan, see below just a few of the most common reasons for bridging finance.
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Purchase property at auction Property refurbish or conversion Chain breaking mortgages Purchase property where surveyors recommend a retention Homeowners to stop bankruptcy Funds required within days, not months
If your interested in applying for a secured bridging loan, then the best way to apply is through a broker. A broker is able to source the whole market for you, and find the best deals that are available to you.
The difference between bridging finance and secured loans is, bridging loans are and instant loan where completions can happen within a few days, where usually with a secured loan you may be waiting a matter of weeks until the funds are released. Secured loans often have early repayment charges too, where you will get charged a fee for paying the balance of the loan off early, where by if you took out a bridging loan, they are meant to be short term loans, therefore you are encouraged to pay the loan off early without any fees fixed at all. In some occasions you may find an early repayment charge on a bridging loan.
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