A bridging loan as the name implies is a loan used to "bridge'
the financial gap between monies required for your new property
completion prior to your existing property having been sold.
Bridging loans are short term loans arranged when you need to
purchase a house but are unable to arrange the mortgage for some
reason, such as there is a delay in selling your existing
property. The beauty of bridging loans is that a bridging loan
can be used to cover the financial gap when buying one property
before the existing one is sold A bridging loan can also be used
to raise capital pending the sale of a property.
Bridging loans can be arranged for any sum between £25000 to a
few million pounds and can be borrowed for periods from a week
to up to six months. A bridging loan is similar to a mortgage
where the amount borrowed is secured on your home but the
advantage of a mortgage is that it attracts a much lower
interest rate. While bridging loans are convenient the interest
rates can be very high.
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