bridging Loans

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Found Your Dream Home? Let Us Bridge the Gap While You Sell!

Bridging loans are short-term financing solutions that provide quick access to funds, specifically designed to "bridge the gap" when transitioning from one property to another. They are ideal for individuals or investors who need to purchase a new property before selling their existing one, allowing for a seamless transition without the pressure of overlapping mortgage payments.

Typically, bridging loans have a higher interest rate compared to traditional loans due to their short-term nature, usually ranging from a 3 to 6 months. They can cover the purchase price of a new property or fund renovations, making them a versatile option for real estate transactions.

Qualifying for a bridging loan usually requires a solid exit strategy, with lenders often assessing the value of your current property, the new property, and your overall financial situation. While these loans can provide the necessary capital in urgent situations, it's important to carefully consider the repayment terms and potential costs involved.

Things to be aware of:

• You still have to pay both your current home loan and your bridging loan at the same time.
• If your home doesn’t sell within the bridging period, usually a maximum of 3-6 months, many lenders will begin charging much higher interest rates. They may also require you to start paying principal and interest on both loans, which can get very stressful.
• Bridging loans usually have an establishment or application fee.

We're committed to helping you navigate the world of bridging loans, ensuring that you fully understand the terms and options available to you.