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In Today’s current climate, most companies in the UK are looking for alternate forms of financing when they fail to get a loan approved from high street banks or mortgage lender. In this situation, many business owners have an alternative solution in the form of commercial bridge loans, and they are designed to bridge the gap in your financial requirements until you can get a bank loan.
Below are some of answers to the frequently asked questions about bridge loans.
What is a commercial bridge loan?
The Commercial bridge loan is a short-term finance, which is offered by a lender to the company at the time of financing a property. This finance normally used by a borrower at the time of purchasing any commercial or residential property and when his current property is on hold. However, they are not solely restricted to property purchases and can be used for any commercial requirement.
What is the Term Length for a Bridge Loan?
The maximum time period of bridge loans will differ from lender to lender. Most of the bridge loans lenders in the UK offer from 6 months to 12 months. But a few lenders will follow the standard term length as 6 months. However, the UK’s best bad credit specialist Bridge Direct will offer the best possible deal for you with a loan term up to 12 months.
Why would you use a Bridge Loan or Bridging Finance?
Below are just a few of the reasons why people opt for a Bridge loan service:
- When purchasing a new house or property, but the existing property is yet to sell.
- A business requires additional working capital to increase their staff to satisfy the requirements of a fresh contract.
- When a buyer needs additional capital quickly at the time purchasing any property.
- A developer is looking for additional capital to continue the work in progress whilst awaiting a longer term funding source like a bank loan or mortgage.
What is the difference between a hard money loan and commercial bridge loan?
There is very little difference between hard money and commercial bridge loan, the purpose of both is predominantly the same. They can both be used by property owners when they fail to get the loan needed from a bank or mortgage lender.
Who offers the best kind of bridge loans in the UK ?
When you search for bridging finance providers in the UK you will find copious providers, few however, offering the level of service of Bridge Direct. We will give an instant decision on your loan request. The team at Bridge Direct has over 30 years of lending experience, allowing a prompt decision to be made on the feasibility of your request.