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These loans are basically of two types, the first one is open bridging loan. This is a loan where you are buying a new property and your existing property has not been sold out.
The other and second type of loan is known as close bridging loan. It?s a loan where you are buying a property and sale for the existing property has been completed but due to some reasons there is a delay in receipt of the payment and the settlement to purchase a new property.
You can use this short-term loan for a variety of reasons: – You can use this loan to purchase a property from an auction. – It can be used to settle the amount of a new property purchased in case of existing one is not sold out.
– Used as a temporary cash where you required instant cash for the purchase of a defective property such as pending completion of repairs.
– To fund the purchase of a property pending the arrangement of a long-term mortgage.
Even you are looking for an oversea property to grab the great auction bargain, the short-term loan at this situation is considered as a best option. Other than all the above benefits of this loan it can be used to go for a dream holidays, weddings, Land purchase, cash flow and business capital finance.
There won?t be an issue if the borrower has bad credit history or facing repossession it will be accepted in short-term bridging loans. This is one of the main reasons that make this loan completely different from the others in terms of higher rate of interest. The time period to get this loan is comparatively fast. The lender accepts all self-certification of your income without the need of time-consuming verifications. You can reach to a lender through both methods that is online and offline.
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