Short term bridging finance solutions can be highly advantageous in several situations. They are perfect for borrowers who require access to funds quickly without disrupting their daily business operations.
Bridge loans are frequently utilized to purchase properties that would not qualify for traditional mortgage financing, offering alternative security in exchange for the loan.
Easy to apply for
If you need to finance a project or address cash flow problems, short term bridging finance is easy to get approved for. Applications typically take under 14 days to process and funds are released within 24 hours after approval – making it an attractive option for those who require funds quickly.
At the end of the term, you can pay off the bridging loan in one lump sum or over time with the lender taking priority over any other debts you may owe. The interest rate charged will depend on your capacity to repay the bridging loan.
If you are planning to sell your current property before buying another, bridging loans can provide financial relief. But it is essential that you understand what type of bridging loan you require and that you can repay it on schedule.
Fast to set up
If you need to purchase a property quickly but lack the funds, short term bridging finance is an ideal solution. Unlike other traditional lending such as mortgages, bridging loans can usually be set up within 24 hours or less.
Bridging loans can be an invaluable tool in today’s competitive housing market, helping you place a non-binding offer with no delay and saving both time and money. They may also enable you to move quickly if you are relocating for work or need an urgent change of housing situation.
Bridging loans can last up to 12 months, with some lenders allowing you to pay off the loan at any point within that duration if you are able to secure access to more capital.
Bridging loans are popular among a range of people and businesses, from homeowners who need cash for a move while their existing home sells to entrepreneurs waiting for equity financing rounds to close. The funds can be used for covering operational costs such as payroll, rent, utilities and inventory – helping keep businesses running smoothly.
Flexible repayment options
Short term bridging finance can be a great solution for individuals and businesses in times of emergency, to take advantage of time-sensitive opportunities, or purchase property at discounted prices.
Bridging loans are secured against a physical asset such as your home and interest is paid back in installments throughout the term. Some bridging loans allow you to repay all of the loan amount or ‘roll up’ interest payments.
These repayment options are ideal for those who can comfortably meet the monthly interest payments and repay the loan in full at the end of the term. Alternatively, you may be able to choose a structured bridging loan, where you pay off both principal and interest in one lump sum at the end of it.
Finding the ideal bridging loan is essential if you need funds quickly. Enness’ brokers will assist in finding the ideal solution, with offers and credit-backed terms ready within 24-48 hours.
If you need a speedy, convenient loan to help get through an uncertain time, short term bridging finance could be your perfect solution. This type of borrowing has numerous advantages over other borrowing types, such as less onerous application processes and lower interest rates.
Finding the ideal bridging loan requires extensive research and comparison between several options. Take time to assess your individual circumstances and weigh all options carefully before making a final decision.
Bridging loans provide a convenient and fast solution when you require fast funding for property purchases, development projects or investment opportunities. They enable you to access large sums of capital quickly without being taxed for early repayment – something not possible with other forms of borrowing.