What is a bridging loan?
Bridging loans also known as "bridge loans" are used as a short-term loan to provide money until a more permanent financial solution is in place. Bridging loans can be invaluable in situations of temporary shortfall in cash, such as during the purchase of residential or commercial property. Loan terms for bridging loans are often much shorter than other types of loan.
If your application is accepted for a bridging loan you will receive a sum of money, which you will be required to repay, plus interest, normally in monthly instalments.
Types of bridging loan:
- Open Bridging loan
Available when you have not yet finalised the terms on which you are selling your own home, but are going ahead with the one you are buying.
- Closed Bridging loan
Available when you have agreed the terms on the home that you are buying and the one that you are selling, but there is a delay in moving.
We also provide commercial bridge loans for more information please contact us.
To obtain a quote for a residential bridging loan please fill in the form below:
For advice relating to bridging loans please do not hesitate to contact us for more information.
Typical example: Borrow £10,000 over 60 months at 9.9% APR and your monthly repayment would be £209.99 The total amount payable would be £12,594.60