Bridging loans are basically short-term loans which help home buyers tackle financial problems encountered 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 this gap.
Bridging loans have comparatively higher rates of interest. This is because they are risky for lenders. However, bridging loans arranged by Chance For Loans will sport competitive interest rates.
The loan term for a bridging loan thus arranged will range between one and twelve months. In this time period, you have to sell your existing property and pay back the loan with the proceeds from the sale. Since bridging loans are short-term loans, the time taken by lenders for approval does not exceed beyond a few days.
Bridging loans are secured loans for which you will have to put up your property as security. Bridging loans searched by Chance For Loans can advance from as much £100,000 to £400,000. Depending on your circumstances and repayment ability, the loan amount can vary.
Those with bad credit history too are given the opportunity to apply for bridging loans. Interest rates again are according to the 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
