If you’re experiencing problems selling you property, a bridging loan may be the answer.
OK, so you have found your ideal home, it was love at first site. You moved fast and your offer was accepted now the entry date is approaching. You should be happy, but there is just one little snag – you haven’t managed to find a buyer for you old property and the whole deal is in danger of collapsing. In this type of situation a Bridging Loan can often be are the only way to keep the deal alive.
A bridging loan is short-term loan, normally for less than a year but funds can be advanced over longer periods if necessary. Bridging Loans provide the funds required to buy a property while waiting for the equity to be released from the sale of another. Bridging loans are available to people that may find it difficult to get loans and mortgages such as the self employed and those with a bad credit history. However a bad credit history will probably raise the repayment amount to cover the risk
Bridging Loans For Auctions
Most properties bought at auction that the transaction is completed within 28 days. When short time scales are encountered it’s good to know that a bridging loan can be arranged prior to the action and subject to valuation. Normally Bridging loans equate to a maximum of 75% of the valuation price which could be 100% of the action price. Property auctions have become popular amongst home buyers, entrepreneurs, first time investors and are no longer restricted to property developers and deep pocketed individuals.
About Pure Bridge:
Pure Bridge offer funding through a network of private investors. They package and underwrite bridging loans for these investors application are free from the restrictions laid down by major banks which accelerates the application process and makes acceptance easier. Their advice is free, and the first step is an informal chat without obligation. For more information visit www.purebridge.com or call: 0843 289 3858 (local rate).
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