Need Bridging Loan Finance?

Coding Not Required

So you want to move into a new home. Congratulations on this next big step!

Everyone needs a comfortable place to call their own, their kingdom and domain. But affording it isn’t always that easy. Sure, you’ll be able to pay for that new house when the money from the sale of your current house comes rolling in. But you can’t wait that long! That new house you’ve got your eye on to raise your family in is a piece of prime real estate, and it’s going to go fast. The real estate agent has told you they’ve already received a number of offers. So you need to move now. And why shouldn’t you?

Seriously, We Mean It…

Bridging loan finance will allow you to complete the transaction of buying a new home. If you can’t wait for the sale of your current home to finalize, a bank or lender can issue a short-term loan that you can pay back as soon as the sale is final.

What You Need to Know…

  • Residential bridging loans are short-term, often needing to be repaid within six months to a year.

  • The process is very quick. Since your credit score isn’t as important due to the security of the terms and the use of collateral, there’s no lengthy application/approval process.

  • The process is simple. Most banks and lenders have reduced it to an online application.

  • You must be at least eighteen years old and a resident of the United Kingdom.

  • You’re not restricted to use the loan for home buying. Any legal use is allowed.

  • You can borrow any amount, only limited by the value of the collateral you put forward.

  • Remember to think of the loan as an advance. It’s intended to be short-term and not paying it back on time will lead to harsh penalties.

Call Us Now! 208-909-0736

Other uses of Bridge Loans:

When you’re buying property at an auction, you’ll usually have thirty days to complete the transaction, longer than a traditional mortgage would take. A sizable deposit could make a bridging loan a good potential option while you wait for the mortgage to go through.

What You Need to Know:

If you’re in danger of repossession, you could use a bridging loan to pay off your current lender while you look for a more advantageous long-term lender.

Advantages:

When you’re buying property at an auction, you’ll usually have thirty days to complete the transaction, longer than a traditional mortgage would take. A sizable deposit could make a bridging loan a good potential option while you wait for the mortgage to go through.

Call Us Now! 208-909-0736

What You Need to Apply for a Bridge Loan?

Avada Admin

▪ How much money do you need to borrow?
▪ Have a copy of your mortgage agreement ready for the lender
▪ If possible, have a recent appraisal as well

So, now that you have all this information, what do you do next?

▪ Research online to find banks and lenders that provide bridging loans.
▪ Fill out some quick applications online.
▪ Contact your mortgage company if your need is urgent – it’s possible they provide bridging loans themselves, and they already know you.

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Avada Admin

The best way to prepare yourself is to do your research and have all your information ready. The information you need is readily available from any number of websites and lenders will greatly appreciate it if you’re prepared when you make the call.

Have all your information and forms ready so as not to waste their time, and remember – appearing informed is a big step to a good first impression with people like this.

Knowing is half the battle.

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Call Us Now! 208-909-0736