Filling The Time Gap Bridging Loans Uk

Filling The Time Gap Bridging Loans Uk



Filling the​ Time Gap - Bridging Loans UK
We expect our lives to​ go smoothly all the​ time but that very rarely happens .​
a​ need can come up any time it​ can be a​ personal need or​ a​ financial need .​
Solution to​ the​ personal need may depend on​ person to​ person but if​ you​ are looking for financial help from outside sources for a​ short period then an​ ideal solution are bridging loans UK.
Bridging loans are loans which are offered to​ people who are looking for quick solutions to​ their financial requirements.
Instances where the​ borrowers may need to​ go in​ for bridging loans are:
· Where you​ want to​ buy a​ property and there is​ a​ gap where you​ have not sold your current property.
· Temporary funding for the​ purchase of​ a​ defective property.
· For an​ entrepreneur who sells to​ the​ goods on​ credit may use it​ as​ working capital before the​ payment is​ made by the​ buyers.
· To purchase a​ property in​ a​ hurry i.e .​
from an​ auction.
Bridging loans are short term loans which can be acquired by providing collateral to​ the​ borrower .​
Collateral can be provided in​ any of​ the​ two forms available to​ the​ borrower .​
They are:
A closed ended bridge is​ one in​ which the​ repayment source is​ already in​ place,​ but because of​ the​ timing the​ funds is​ such that they will not meet the​ requirements.
Another option is​ an​ open ended bridge in​ this the​ intended repayment source is​ known,​ but it​ is​ not guaranteed.
Some examples of​ the​ items that can be provided as​ collaterals are .​
Residential properties,​ auction properties,​ retail shops,​ buy to​ let properties or​ any development sites.
Bridging loans are available to​ every body not only to​ people with good credit history but also people with bad credit history .​
All the​ people need to​ know is​ their credit score which represents their credit worthiness and they can also avail the​ bridging loans.
Some of​ the​ features that the​ potential buyers must know about bridging loans are:
· Bridging loans come for a​ short period of​ time ranging from days to​ a​ year.
· Bridging loans are available at​ comparably higher rate of​ interest.
· Amount sanctioned usually ranges from £5000o to​ £500000.
· The loan is​ sanctioned very quickly usually within 5 working days.
· You can also get a​ loan amount up to​ 100% of​ the​ collateral.
These features make bridging loans a​ much sought after thing in​ the​ market if​ you​ are looking for a​ loan for a​ short period.
If life goes according to​ the​ plan then everything happens in​ a​ merry way but that always does not happen .​
a​ need can come from anywhere if​ only for a​ short period of​ time it​ has to​ be looked after that is​ where bridging loans can help us immensely.




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