| Financial preparation is a must in doing any | | | | concluded and the money repaid. Due to the |
| thing. It is even more important in buying a | | | | short repayment duration, this loan has |
| new property. Lack of finances at the right | | | | comparatively high interest rates. As it is |
| time can lead to frustration because of the | | | | an interest only loan, only the interest has |
| fear of missing an attractive opportunity. | | | | to be paid during the repayment period. The |
| Quick bridging loan is a viable way for | | | | principal can be paid back at the end of the |
| tackling such deficiencies in finances. | | | | repayment period. |
| | | | |
| Quick Bridging Loan usually fills the cash | | | | Borrowers can find this loan in two versions |
| gap that arises while purchasing a new | | | | - open end and close end bridging loans. Open |
| property and selling the existing one. This | | | | end is for borrowers who are yet to sell |
| loan can be used for purchasing commercial, | | | | their existing property and close end is for |
| semi commercial and residential properties | | | | borrowers who have sold their property and |
| and are provided by banks, financial | | | | have not received the cash yet. |
| institutions and private lenders. | | | | |
| | | | Quick bridging loan can also be availed by |
| This loan is a short term loan, provided to | | | | bad credit borrowers. There are specialized |
| seal a property deal and is secured against | | | | lenders available in the market, who deal |
| the existing property of the borrower. The | | | | with borrowers having arrears, defaults, late |
| value of the collateral determines the amount | | | | payments, bankruptcy, CCJs and IVAs and offer |
| of loan approved. A high equity property can | | | | them affordable interest rates. |
| fetch a bigger amount which in turn will help | | | | |
| in procuring a new property easily. | | | | This loan is also available online. By |
| | | | applying online, borrowers get the |
| Quick bridging loan has very short repayment | | | | opportunity to get quotes from different |
| term ranging from one month to one year | | | | lenders and compare them to choose a deal |
| during which the property deal has to be | | | | suitable to their needs and requirements. |