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Bridging loans are designed to provide short term finance for larger amounts, often used by property developers when buying a property at auction, although they are often used for other purposes such as redevelopment.
As with other types of property finance, there are specialist provider of bridging loans these include the lenders themselves as well as finance brokers who will give you access to multiple lenders of bridging loans.
As with mortgages and secured loans, bridging loans are often secured on a property, this means your property may be a risk of repossession in the event of missed payment. Because bridging loans are designed to cover short term finance they are often a more expensive option than other finance options.
Bridging Loan Calculator
As with all types of finance it is important that you calculate the cost of the loan, ensuring you are able to afford the monthly payments, the use of a loan calculator can help you try different amounts, terms and apr`s helping you evaluate the right loan amount for your needs, before taking out a bridging loan it is recommended to speak to a financial expert to try the different options to make sure a bridging loan is the best finance option available to you.Commercial Bridging Loans
As with all types of finance there are different plans available for both residential and commercial, commercial bridging loans can also be used for new machinery or cover short term business needs, although it is important you have a method of paying the loan off as defaulting on the loan may result in repossession of the property secured against it.Bridging loans were created in recent years as an offer from the numerous financial companies. It serves mainly as a supplement to other loan options.
