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Faster Cash Bigger Amounts – Secured Bridging Loan UK
By Peter Taylor
People generally use there assets and properties to raise capital when they need money for some urgent but big requirement of cash. But as we know that the selling process in UK takes lot of time till then your need may not wait. At such times a secured bridging loan in UK gives faster monetary support with minimum formalities. These loans cover the financial gap between sale of your existing property and your requirement. It just takes one or two days to get the approval for the loan.
Under a secured bridging loan in UK you can borrow amounts ranging between £50000 to 3 million or more if the collateral allows it. These loans are short term loans; hence they carry higher interest rates as compared to conventional secured loans. But one thing which makes them easy affordable loans is the fact that they are interest only loans. This means that you need to make payments of only the interest rates till you get the sale proceeds from which you can pay the principal amount.
Basically meant for buying properties, you can use the secured bridging loan UK for satisfying any of your personal needs including debt consolidation, bearing emergency expenses on medical illness or on wedding of children, holidaying purpose or buying a car or boat or any other reason.
Secured bridging loans in UK are available through a large number of loan lending institutions and local banks but private lenders are becoming the preferred choice of today's borrowers with their friendlier and flexible approach. You can search among these lenders by visiting numerous online loan websites where you can get free quotes to compare and apply for. After that you can fill the application form for the selected quote by your personal details and loan amount required along with the collateral information. These loans are termed as closed ended secured bridging loan in UK if you have already have put your property in sale process else it will be an open ended secured bridging loan.
While submitting your loan application for a secured bridging loan in UK, you can go through all the terms and conditions for the loan package to avoid any hidden costs or charges later. You can also ask for information about penalties which a lender may charge if you intend to repay the loan before the agreed term or if you make late payments for a particular loan installment.
Secured bridging loans in UK offer funds to a wide variety of people including individuals and companies, discharged bankrupts, CCJ's and IVA's, arrears, self employed people. The property being sold, act as collateral for a secured bridging loan. This collateral can be residential properties, commercial and semi-commercial properties, development sites and auction properties, buy to let shops, retail shops etc. This makes a secured bridging loan, more accessible and popular among the borrowers in UK for meeting their needs.
About the Author
Peter Taylor is a senior financial analyst at 24hrBridgingLoan with an acumen for finance and insurance.To find Secured bridging loans in UK,Instant bridging loan, Personal bridging loan,Self employed bridging loan,Short term bridging loan that best suits your need visit http://www.24hrbridgingloan.co.uk
Article Source: http://www.simplysearch4it.com/article/39019.html
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