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All You Want To Know About A Short Term Bridging Loan
By Celeste Parker
Short term bridging loans are loans for situations when you need monetary support at present and you hoping to get sufficient funds in near by future by the sale of your existing property. Being a short term loan, these loans have a higher rate of interest. Therefore, it is recommended to use the loan money wisely and for purpose that may serve you for longer periods i.e. buying property or investment in business. However you can also use the money for other personal needs also such as expenses on wedding, home improvements, holidaying and traveling, buying boat or car and many other purposes.
No credit check makes a short term bridging loan popular among a wider segment of people. short term bridging loan are available to individuals and companies, CCJ's and IVA's, arrears, self employed and discharged bankrupts. There are few questions which may come in your mind while going for a short term bridging loans such as:
How much you can borrow under a short term bridging loan? How much it depends upon the value of the collateral?
Short term bridging loans can offer you amount ranging between ₤25000 to 1 million pounds. Lenders are also ready to extend this limit depending upon the requirement, collateral offered and the policy of the lender. In terms of value of collateral, you can borrow up to 75% of the value of security offered.
How much time will be required for getting the money?
Under a short term bridging loan you can get the money within a period of 2-3 days after first enquiry and application. May take longer in certain cases
What security is required from me to get a short term bridging loan?
A first legal charge and second legal charge is required on the property provided by you as collateral. Following securities are accepted as collateral for a short term bridging loan: Residential properties, commercial & semi-commercial properties, auction properties, buy to let properties, retails shops, developmental sites etc.
What if my property is already mortgaged?
The property will be accepted but it will be valued after deduction of existing mortgage on it.
What if I repay the short term loan amount earlier than the agreed period?
Lenders these days act flexible in case of repayment terms. You can repay the loan amount before the completion of repayment term but lenders may charge you with a penalty equaling up to the interest for two months.
Short term bridging loans are available through large number of brokers and online lenders. They car arrange a really fast financial decision for borrowers. So considering a short term bridging loan will be an ideal solution, when you are looking forward to buy property or need fast funds for your immediate needs.
About the Author
Celeste Parker has been associated with BadDebtBridgingLoans. Having completed her Masters in Finance from Cranfield School of Management. She provide useful advice through her articles that have been found very useful. To find Bad credit home improvement bridging loans ,bad debt bridging loans UK, bad debt commercial bridging loans, short term bridging loan, quick bad debt bridging loans in UK visit http://www.baddebtbridgingloans.co.uk
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