Is Residential Bridging Finance Right For You?

March 8, 2023

robert stern

robert stern has been covering business and financial topics since 1997, specializing in taking complex subject matters and explaining them in simple terms for consumer audiences. Eric's writing regularly appears on badcreditloans03, ufu, zix, bank-paydayloan.com, www-mypaydayloan.com, and dozens of other outlets. A former software engineer, robert stern an M.B.A. from New York University and an M.S. in finance from howard university.

A bridge loan can be an advantageous way to purchase a new home before you sell your current one, but it also carries risks.

Residential bridging finance is often employed in broken property chains, where buyers want to purchase their dream home before selling their current one, as well as auction purchases.

It’s a form of support

When investing in property and needing a short-term solution, residential bridging finance is an ideal solution. Unlike other forms of lending, applications are usually decided based on the value of the property and your exit strategy rather than your ability to make repayments, providing more flexible and accessible support options.

Residential bridging may be used for various purposes, such as breaking a property chain where land has been purchased but planning permission hasn’t yet been granted, or purchasing at auction. They could also be utilized to refurbish properties that cannot be funded with traditional mortgages, or free up equity if remortgaging your current home on a buy-to-let property.

Bridging loans typically have repayment periods of 12-18 months, though there is usually an agreed upon cut-off point when full payment must be made. Lenders require that borrowers have an effective exit strategy for repayment – such as selling property, liquidating assets/business/shares, or refinancing.

It’s a flexible option

Residential bridging finance is an option to traditional mortgages when you need to secure or renovate your property quickly. Applications are usually approved based on the value of the property rather than simply on your ability to make repayments.

Many homeowners must move quickly – either due to work-related reasons or other obligations – and may not have time to secure a long-term loan. Without one, they could end up outbid or gazumped if they don’t use a bridging loan.

Developers with multiple lines of borrowing during their development process might find this option to be attractive, as the speed at which a bridge loan can be processed and its straightforward application process help alleviate some pressure off lenders.

Unfortunately, bridging loans are not suitable for everyone. Speak to one of our bankers to get advice about the most suitable option for you.

It’s a short-term solution

Residential bridging finance provides short-term funding for the purchase of a new home, enabling you to use funds from the sale of your current property as part of your down payment for the new house.

Bridge loans are a popular financing solution for many who wish to purchase a new home but do not have enough funds at the time. On average, bridge loans last anywhere from 6 months up to one year depending on your individual circumstances.

Bridging loans can be the ideal solution for some people, providing them with flexibility and control over how much money they borrow and when repayments must be made. Furthermore, it provides protection against possible delays when selling their existing home and making a deposit on a new one.

However, it’s essential to remember that bridge loans are temporary solutions and only offer temporary relief until you secure longer-term financing or eliminate an existing debt obligation. Therefore, it’s wise to explore other alternatives before taking out a bridge loan.

It’s a good idea to explore other options

There are a wide variety of options available to you, so it’s wise to explore them all thoroughly. Doing this will enable you to make an informed decision that meets your individual needs.

If you’re selling one property while purchasing another, residential bridging finance might be one of your options. This type of financing can be advantageous in several ways – from making moving easier to providing support when purchasing in a competitive market.

Bridging loans are popularly used by those looking to purchase a new home before selling their old one. This can be an excellent way to leverage your equity and avoid renting, as well as giving you better chances at landing a great deal on your new residence. Before deciding to get a bridge loan, be sure to do your due diligence and consult with a financial planner for advice.

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