Without any financial preparation you cannot do anything right. Be it managing your assets or trying to purchase a new property you need to have some control over the finances. So when you get an opportunity to lay your hands on a new property and do not want to let it go, lacking the right amount of finances can be a frustrating for you. This lack of finances can be easily tackled with the help of a quick bridging loan.
A quick bridging loan is designed to fill in the cash gap which can arise while purchasing a new property and selling of the existing one. This is provided by all major banks and financial institutions. Besides, you also have the option of applying online. The amount obtained from the loan can be used to purchase commercial, semi commercial or residential property. The amount is advanced towards the borrower without any further delay which in fact enables you to seal the deal.
It is a collateral based loan in which you are asked to place your existing property as collateral. Based on the equity value of collateral, lenders advance the amount. With the increase in real estate prices, it will be optimal to place collateral of higher equity which in turn will fetch a bigger amount. A bigger amount will definitely help to procure a property easily. This has a shorter repayment duration which stretches from few months to one year.
Although the loan is secured in nature, the rate of interest levied is considerably higher. This is an interest only loan where you have to pay the interest on the borrowed amount during the repayment period. The principle amount can be paid back after the tenure is over. So while availing the loan, it is better to look for lenders offering at low rates. This is possible by taking a proper research of the online market.
To make it simpler, this is classified in to two categories:-
o Open end - meant for borrowers who are yet to sell their existing property
o Close end - meant for borrowers who have sold their property and are yet to receive the payment.
Quick bridging loan instantly provides finances which make it possible for the borrower to purchase the property of his choice without facing too many obstacles.
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