What is Property Bridging Finance
Property bridging finance is a type of loan that allows the borrower to bridge the gap between the time it takes for their property to be sold and the date they receive their first mortgage payment. The property is usually used as collateral for this loan, which means that if you default on your repayments, your lender can use your home as security to get back any money that’s owed.
How does bridging finance work?
Bridging finance is a common method for financing real estate projects. This method involves borrowing money from a bank at an interest rate of three percent, and then paying back the loan with your property taxes. You can also get a second mortgage on your house to pay off the first one if you want to.
What does bridging finance cost?
Bridging is a loan that you take out to purchase a home. You use the money to make down payments, pay closing costs and other expenses, and then pay back your bridging loan with property taxes, mortgage insurance premiums (PMI), or both.
How To Apply for Bridging Finance
To apply for bridging finance, fill out the appropriate application form. The form will ask you to list all your assets (including bank accounts and stocks) as well as your debts (including student loans and credit cards).
How long does bridging finance take?
In the average case, it can take up to 30 days.
Get in touch with our highly experienced bridging finance team today to discuss your bridging finance requirements, covering all of the UK.
Bridging Rates - Bridging Finance rates available from 0.4% per month.
