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Short-term bridge loans are a form of financing that are provided by bridge loan lender which are usually used by homebuyers and business owners to fill a temporary financial gap that can happen when purchasing a new property, without having to complete on the sale of an existing property. Bridge Loans are becoming more and more popular because of their quick turn around and availability.
Below are just a few advantages of Short-term bridge loans;
Bridge loans can be used quickly complete on a property purchase, for example at a property auction. Suppose a property comes along at an affordable price in an area you would ideally like to own property, but unfortunately all funds are currently utilized or locked up elsewhere. It is this type of situation where making use of bridging loan can help to secure the property quickly and also speed up the property purchase process. When you approach Bridge Direct for quick finance, you will be able to expect an instant decision on your loan application, and in some cases fund may be arranged for the same day. It’s this type of facility you cannot expect from conventional bank loans or mortgages, as generally they will take weeks and sometimes month to execute your request.
As a short-term finance, the duration of repayment option also a short. Most the repayment period would be in between 6-24 months, based on user requirement. You can improve your credit score significantly by paying all of your repayments on time.
The major advantage of Bridge loans is the final loan approval amount would be in the hands of the lender, unlike traditional bank loans, here you cannot expect any fixed rules for the bridge loan, and so you can convince the lender to structure the right bridge loan for your financial requirements.
Bridging finance and bridge loans are a secured loan, these are normally secured against houses, shops, flats, commercial units, offices, building plots and development land. By freeing up capital held in an existing property can help the borrower to be assured of a quick house sale, without any broken chains.
Bridging mortgages would be the right choice for people who are looking for any kind of property development Finance. A bridge mortgage loan is used to fund any venture with the finances repaid at the end of the term or when the fund become available as opposed to signing up to regular monthly repayment that would come with a regular bank loan or mortgage.
So, when you need a fast bridge loan for your property requirements, contact bridge loan lender Bridge Direct today for the the ideal solution. The team at Bridge Direct will understand all your financial needs completely and give you an instant decision on all bridge loan applications. The team at Bridge Direct has over 30 years of lending experience and are bad credit specialists.