Meet The Urgency Of Money Through Short Term Bridging Loans
Posted by Nick Niesen on November 8th, 2010
You have planned to move your residence. Your eyes are all set on a house that you have always dreamt of. You do not have enough funds to purchase your dream house. To engender funds you want to sell your old house. But its buyer will take time. What to do now? Opt for short term bridging loans and grab an opportunity to get instant finance to purchase your new house.
Short term bridging loans help you cater to the urgent requirement of money by providing cash instantly. They are secured against property- residential or commercial, freehold or leasehold.
As the name suggests short term bridging loans are taken over a short period of time. Say the duration of a week to six weeks or a maximum of 2 years. During this period the borrower purchases the new property with the loan amount and repays to the loan provider once the old property has been sold out.
Short term bridging loans do not require the borrower to pay any installments to the lender. He has to pay only the interest during the tenure of the loan. The borrower returns the principal amount to the lender after selling the old property.
Since short term bridging loans are meant for a shorter period of time, they have comparatively a higher rate of interest than other loans. The lender intends to produce as much money as possible through the interest in this short duration. The borrower can negotiate with the lender to get reduced rates.
The borrower opts for short term bridging loans to meet the urgency of money, therefore he seldom finds higher rate as a burden on him.
Short term bridging loans enable the borrower to draw money ranging from £25000 to £500000. The lender can offer a higher amount provided the value of the collateral placed against the loan is high.
Bad credit history is no more a hindrance in getting short term bridging loans. Since the borrowers with a poor credit score place a security against the loan, the lender can offer them loan at an affordable rate.
Wandering from one place to another in search of the lender is very time consuming and is regarded as conventional. Nowadays, people prefer a service that will enable them to access infinite lenders simultaneously. Hence, there are online lenders dealing in short term bridging loans. They have reduced paper work. The borrower needs to fill in a hassle-free online loan application form. The lender will be at your door step within 24 hours with the best possible deal.
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About the AuthorNick Niesen
Joined: April 29th, 2015
Articles Posted: 33,847
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