Brighten Business Prospects Through Commercial Bridging Loans
By Elizabeth Swann
There is this office, factory, industrial unit or any other commercial property that you need to acquire for advancing your business interests. It requires huge funds which of course you can not source from own pocket and therefore you have to sell one of your old property for the finance. But selling the old property may take time. So what to do? Well, the remedy lies in commercial bridging loans.
Commercial bridging loans are given for acquiring commercial property. This is called bridging loan because the loan is offered for the time till the borrower sells his old property and pays off the loan from the sale amount. In the mean time the borrowed amount is used for buying the commercial property. The main attraction of commercial bridging loans is that the borrowed amount is instantly in the hands of the loan seeker and also there is minimum loan burden on the borrower. This is because the borrower pays only interest till he finally pays off the loan. No monthly installments are involved.
How much can be borrowed? It depends on the value of the property the borrower intends to sell. Lenders generally are willing to offer up to 65 percent of the value of property. Usually the repayment period does not extend for long as it takes few weeks only for selling old property. The loan may be taken for two week or for 6 months as suits the borrower.
You will be required to furnish collateral to take commercial bridging loans. Any of your commercial or even personal property serves the purpose of collateral. The property you intend to sell also can be placed as collateral with the lender. The borrowed amount and interest rate will depend a lot on the equity in the collateral.
Commercial bridging loans are approved quickly for facilitating the purchase of new commercial property. The loan comes in the hands of the borrower within 24 hours of applying. The loan can be applied in a very simple manner if you choose the online way. Each lender has provided a loan application online and you only fill required information in it and with a click of the mouse the application is with the lender. After verifying the information the loan is approved instantly.
Bad credit history does not count much in offering the loan as it is well secured by the borrower's property. So bad credit people can apply for the loan without any hesitation.
Commercial bridging loans are in fact a way for prospering your business for you buy a new commercial property which enhances your business prospects. Compare different lender's loan quotes and you will find out a suitable package. Make a deal with the lender after carefully studying key aspects of the loan.
About the Author
Elizabeth Swann is currently working as an expert author for Findbridgingloans.For more details commercial bridging loans, residential bridging loans, bridging Loans for buying Property, personal bridging loans, bridging loans uk, business bridge loans, construction bridge loans visit http://www.findbridgingloans.co.uk/
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