Non-business bridging loan usesA bridging loan can be used for any legal purpose whatsoever. The most common uses of bridging finance in non-business circles are as follows:
- Purchasing a property as quickly as possible to clinch an unbeatable deal.
- Picking up a property at auction and paying for it within four weeks.
- Buying property considered uninhabitable or in need of major restoration.
- Preventing repossession by paying off an outstanding mortgage in full.
- Funding property renovations, extensions or repurposing of any kind.
The pros and cons of bridging loansLike all secured loans, bridging loans bring their own unique advantages and disadvantages to table. Each of the following should therefore be considered before submitting your application for a bridging finance loan:
- Access to the money you need in as little as five working days
- The opportunity to repay in full at any time and without penalties
- Exceptionally low interest rates of less than 0.5% per month
- Minimal additional charges and stealth borrowing costs to worry about
- Open to borrowers with a poor credit history
- Can be used for almost any legal purpose
- Bridging finance can become expensive in the event of non-payment
- Available exclusively against qualifying properties and assets
In summaryBridging loans are unique financial products with an extensive list of applications. They can also be exceptionally affordable when repaid within the shortest possible time. Whatever your requirements for bridging finance, getting the best deal can be simplified by consulting with an independent broker. Compare bridging loan rates from as many specialist bridging lenders as possible to find an affordable bridging loan to suit your requirements and your budget.
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