Bridging Loans
I often get asked, what exactly is a Bridging Loan?
A bridging loan is a short term loan - frequently used during the house buying process - to “bridge” any gap in finances.
Can you give me an example of a situation where someone might need a bridging loan?
A person finds the house they want, makes an offer - and if ready to pay for the new house. The only problem is the sale of their house has not gone through, or they are still waiting on the mortgage application to be fully processed. Rather than let their dream house be snapped up by someone else - they need to borrow a large sum of money.
However taking out a standard personal loan for amounts in excess of £25,000 isn’t a good idea in this situation.
The solution: A Bridging Loan. A temporary loan - which last frequently for as short a period of 1 day.
To find out more about briding loans visit this Squidoo lens: www.Squidoo.com/uk-bridging-loans
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For a reputable deal on a bridging loan contact: www.PersonalLoansMadeEasy.co.uk
If anyone is still struggling to understand what a bridging loan, or needs suggestions on which company to pick - send me an email and I will try to help!