There are many occasions when you find yourself needing to get hold of funds quickly, but a standard loan can take time to come through, so what do you do? This is where quick bridging loans can be an incredibly useful option for you as they can take as little as 24 hours between the application and the money coming through.
They are therefore the perfect choice when time is of the essence, such as at auction when you bid for a property and you have a limited time to complete or for fast loan repayment. In the cases of Inheritance Tax, for example, where you have to pay the tax before the property you inherited becomes yours, bridging finance can help too. They can be a far quicker and simpler option then arranging a time consuming conventional loan.
Although a quick bridging loan may be useful for a number of reasons, they are primarily used to tide over when you may be in between buying a new property and selling an existing one. It is often the case that in these circumstances you may not have enough time to arrange adequate funding and you may need to find another source whilst you are waiting for your loan offer.
Bridging Finance, or short term funding, will be able to provide you with fast access to the money that you need, often with the minimum amount of time and documentation needed. Bridging finance can help in various situations and is available to both individuals and to businesses.
Bridging finance is a secured loan, whereby the borrowing is secured against your property in a similar way a mortgage or a homeowner loan would. The loan that you take out will be secured against your existing property. It will often take three to four working days from start to finish for your loan to be completed and the funds to be released, though you may get a decision within 24 hours. You may be able to secure the bridging finance against other properties you already own if you wish to increase the amount of the borrowing. Generally the loan value will be a certain percentage value of the property, which will vary between lenders. Upon the return of your loan documents and once the valuation has been approved, the monies would be released to your solicitors. And once the purchase has completed, you repay the lender.
The type of quick bridging loan that you choose will most likely either be a closed bridging loan or an open bridging loan. A closed loan will give you a specific date to fully repay the loan. It is sometimes possible to have a closed Bridging loan a period of up to a year. An open ended bridging loan, as you would expect, does not have a specific date for the loan to be fully repaid. An open ended bridging loan is most often used by builders currently renovating or converting a building who will require extra finances to provide to fund this.
Quick bridging loans can be invaluable when cash is needed quickly, however you should bear in mind that they can work out expensive if you take a loan over the long term.
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