Bridging loans are
basically short term loans which help home buyers tackle financial problems encounter while buying property. When a homeowner wants to purchase a property prior to selling the current one – there is a financial gap that becomes difficult to cover. Bridging loans
can be arranged by Chance for loans to fill in this gap.
Bridging loans have comparatively higher rate of interest. This is because they are risky for the lenders. However,
bridging loans arranged by chance for loans will sport competitive interest rates.
The loan term for bridging loans
thus arranged will range between one to twelve months. In this time period you have to sell your existing property and payback the loan. Since bridging loans are short term loans, the time
taken by lenders for approval of bridging loans does not exceed beyond few days.
Bridging loans are secured loans and for that you will have to place your property as security. The loan amount
offered under bridging loans searched by Chance for loans can
advance the borrower as much £1,00,000-£4,00,000. Depending on your circumstances and repayment abilities the loan amount can vary.
Those with bad credit history too are given the opportunity to apply for bridging loans for their requirement. Interest rates are again according to
one's financial situation. Borrowers, who are looking for bridging
loans are provided free of cost expert advice.
Bridging loans can be arranged at Chance for loans for
the following groups of people too:
- Discharged Bankrupts
- CCJs and arrears
- Individuals and companies
- Self employed
The following properties are acceptable as collateral
for bridging loans:
- Residential properties
- Commercial or Semi-commercial properties
- Auction properties
- Retail shops
- Buy to let properties
- Development sites
