UK Bridging Loans Ltd cover the whole bridging finance sector and provide funding for all types of reasons and solutions. The definition of bridging finance is the use of a loan when finance is required quickly and for a short period of time, or when more traditional finance such as a mortgage is not available or will not work.
Bridging loans explained - A common example of the use of bridging finance is when a client wants to buy a new property prior to selling their current home. In this instance bridging finance can be used to purchase the new property in a number of ways dependent upon the client's circumstances. If the client has a deposit available which can be used towards purchasing the new house, then bridging loans can simply be used to make up the difference and repaid when the current property is sold. If the client does not have a deposit to enable the purchase, then a bridging loan can potentially be arranged by using the equity in the current property as the equivalent of the deposit. In this way a bridging loan can be used for 100% of the new property purchase price and as bridging loans are rarely dependent on a client's income, should the client have a mortgage and bridging loans at the same time this will not alter affordability or ability to make payments.
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