Bridge Your Financial Needs With Personal Bridging Loans
By Elizabeth Swann
When facing financial crises and in need of instant cash avail the personal bridging loans. It helps you when you need money the most i.e. while buying of property or a house. Personal bridging loan meet the personal requirements of the borrowers for buying of property until he arranges finance for them.
Personal bridging loans are the short term loans that help a borrower to bridge in the gaps between two transactions involving financial purchase like buying of new house and property. These loans are usually huge amount loans and the usual period for which the personal bridging loans are approved is up to 6 months from the day they are granted. The loans amount offered under a personal bridging loan can be up to £1, 00,000 to £4, 00,000. The interest rates charged on personal bridging loans are high ranging from 12 to 15%.
Borrowers that avail bridging loans often have the resources but these resources cannot be converted into cash or liquid money at that point of emergency instantly. The advantage of the personal bridging loans is that they help those borrowers who want to buy new property or a house and have not sold the present one at that point of time. Thus a personal bridging loan can be utilized to bridge in the financial difference between the two transactions. Since the borrower needs personal bridging loans in emergency the terms of repayment are usually kept short so as to save borrower's time.
Personal bridging loans are of two types open personal bridging loans and closed personal bridging loans. In the open personal bridging loans the buyers have already found their ideal property, but have not put their existing home for sale. Whereas the closed bridging loans all terms and conditions of both sale and purchase on both the properties have been agreed.
So if you have resources but do not have time to cash down those resources then personal bridging loans can be a good choice. It would help in bridging the gap between two transitions involving property.
About the Author
Elizabeth Swann is currently working as an expert author for Find Bridging Loans. She writes for loans and finance and provides advices on such issues. For more details including Personal bridging loans, hard money bridge loans, real estate bridge loan, bridging loans, bridging loans for buying property, residential bridging loans visit http://www.findbridgingloans.co.uk/
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