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A bridging loan is a short-term secured loan, usually taken out to solve a temporary cash shortfall when buying a property or business, paying for a major renovation or for funding the purchase of a property abroad or bought at auction.
There are two main types of bridging loan:
- An Open Bridging Loan can be taken out if you're buying a property and may not have put their existing home on the market or the contract for sale of your existing property has not yet been completed.
- A Closed Bridging Loan can be useful if you're buying a property where the contract for sale has been completed but there is a delay between the receipt of funds and the settlement to buy the new property.
Bridging loans can be expensive; however, a bridging loan can also prove valuable because it can tide you over in the short term, saving you from forfeiting money already spent in the purchase process, as well as reducing stress. Sometimes a bridging loan may be the only way to keep the deal on track.
If you would like more information about this or any other mortgage product offered by Cook Allen & Associates, please call 0845 257 9301, or complete our brief questionnaire and one of our qualified mortgage advisers will get in touch to discuss you mortgage requirements.
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We Can Help |
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Re-Mortgage your existing home |
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Even if you have poor past credit or you are working as a self employed person |
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Provide you with a Mortgage for your Home |
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Provide you with a Mortgage for Commercial use |
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If you are facing financial difficulties |
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Buy your council property at a discount |
0845 257 9301 |
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