There are many reasons why people need bridging loans, but the most common use is that of a domestic or private nature. If you are moving house then normally you will need to sell your existing property, to raise enough capital to use as down payment on your new home. Unfortunately with buying or selling properties a lot can go wrong. For example the buyer of your house could pull out at the last minute. The mortgage lender of your new house might not lend you the money until certain renovation work has been carried out (normally this would be from the result of a survey).
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We know situations like these can be very stressed times. Especially when you have your heart set on getting your dream home. Now you have a choice either forget the house and find another domestic property or get some kind of bridging loan finance to bridge the gap until you sell your existing property or do the necessary refurbishments, renovation work required by the mortgage company.
If you decide you still want the property and to get some bridging loan finance, the process is quite simple. The application from initial enquiry until completion can take place in as little as 3 days or so. Amounts you can borrow can be as little as £25,000 to amounts in the millions. Payment terms can be spread from 1 - 36 months. Buying a home is just one of many uses that people use bridging loan finance for. Others include business ventures, buying property or land at auction. Commercial companies moving premises etc.
To enquire or just find more information on bridging loan finance whether it be for commercial or domestic property land or any use visit http://www.bridgingloanfinance.co.uk/ We have lots of free tools and information to help you make an informed decision.
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