What Are The Advantages Of Bridging Finance Rates?

Bridging finance rates is the ideal solution if money against property value is needed quickly. Bridging finance loans are short term and secured against properties with long leases or freehold properties. They allow both businesses and individuals to borrow a sum of money against the market value of the property.  A key advantage of bridging finance is that it allows people to temporarily fund purchases of property that cannot be mortgaged, or refurbish a property with the aim of selling it on.

Bridging finance rates are normally created on a repayment plan which is interest-only, and the loans are normally cleared when the property is sold or re-financed. The rates associated with bridging finance vary. When bridging finance rates are being compared, it is necessary to take into consideration all associated costs including legal fees, lenders fees and sometimes redemption penalties.

Bridging finance has a number of advantages, including some of the following:

The application procedure is fast and simple. Bridging finance loans are applied for in the same way that other loans are applied for. There is one key difference between these and other types of mortgage loans: the time that it takes to complete the process. It is possible for applications for bridging loans to be agreed on the same working day, and the process to be completed within seven days (dependent on quick valuation of property and solicitors).

Other benefits can include no fees for exiting the loan and no minimum term applied. It is possible to get a bridging loan, even without references and credit checks. Bridging finance is more flexible than other loan types and there are fewer restrictions.

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