Looking for a Bridge Loan?

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So What Exactly is a Bridge Loan And Why Do You Need It?

You may have heard of bridging loans before. Or maybe you haven’t. What about swing loans? Gap financing or interim financing? Does one of those sound familiar? Good. That’s the first step. And just reading these words means you’ve come to the right place. That’s the second step! You’re doing a great job so far.

You Might Be Thinking…

“Well, yes, I’ve heard of them, but I don’t understand them.”

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To which I’d say…

“Patience. That’s Step Three. Just had to make sure you’re ready.”

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The simplest way to think of a bridging loan is as a legal way to get money fast. Businesses and individuals can both benefit from these loans.

Say you’re at an auction and you see a rare trading card, a first edition comic book, or a signed 1927 Yankees championship game-used baseball. You have to have it – obviously – but you don’t have the money. You know you can get it, but the auctioneer isn’t interested in selling on credit. They want their money up front.

What do you do? You can’t just not bid. What would your friends say? Well, if they were savvy, they might ask you if you’d ever heard of a bridge loan.

Deja vu, right?

But How Do Bridge Loans Work Exactly?

Avada Admin

Ease and Efficiency of Entry

The benefit to a bridging loan is the ease and efficiency of entry. They basically function as a one-use credit card with a hard deadline. The standard period of time for one of these loans is a year or less.

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Avada Admin

Time Frame

The expectation is that at the end of this period, you’ll have secured a stable method of paying it back. Funds will often be released to you within five to seven business days.

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So, let’s go back to the auction example.

Say you have a storage locker of valuables that were left to you, and you know that if you could find the right buyer they’d easily cover the cost of that item you need. But you need the time to find the right buyer or buyers to maximize your profit. You can’t just sell them to a pawn shop for pennies. Would six months to a year be enough time? Yes? Good. That’s what bridge loans are for.

Other Uses for Bridge Loans:

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Other Uses for Bridge Loans:

There’s a couple uses for Bridge Loans that you might be interested in.

  • Moving along a home purchase
  • Taking advantage of a temporary deal
  • Keeping cash flow running through a company during a major sale
  • Preventing bankruptcy
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RULE #1: DON’T BE AN IDIOT

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RULE #1: DON’T BE AN IDIOT

So what’s the downside, you might be asking. Well, banks and lenders have been at this game a long time, and they don’t take unnecessary risks.

  • You will need to put up collateral.
  • The interest rate on your loan will likely be higher than it would on a normal loan.
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So, basically, in the simplest terms possible: this loan is not for everyone!

This loan isn’t for those who may be down on their luck and need a quick infusion of money to keep afloat until some point in the future when they become solvent. This loan is for people who know exactly how and when they will be able to repay, people with a steady income and job security.

If you use bridge loans as intended, they’re a win-win situation. You get your quick money, and you get out as soon as you can.

If you feel like you are the person I am talking to, then please contact us now. Give us a call, and we’ll set you up with the best deal for your situation.

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