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A bridging loan is a loan that is secured against a property they are short term in nature (up to 2 years) . They help to “bridge” the gap between say selling a new home and buying a new home.
There are quite a few reasons for a bridging loan to be used :
Bridging loans can be taken out on a first or second charge basis A first charge basis would be assuming there wasn’t another mortgage on the property . A second charge basis would be if there was already an existing mortgage.
The Bridge lender will want assurance that the loan will be able to be repaid and will want to see a viable way that you will be able to pay off the loan after the term which is often after 1 year. Viable options of repayment are often selling the property or obtaining a mortgage.
As they are short term loans that are often less than a year the loans are charged on a monthly interest rate. This interest rate can often be rolled up onto the loan so you don’t have to make monthly payments although the whole loan plus interest will have to repaid at the tend of the term.
You can usually borrow up to 75% of the value of the property.
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