Brighten business prospects through Commercial Bridging Loans
There is this office, factory, industrial unit or any other commercial property that you need to acquire for advancing your business interests. It requires huge funds which of course you can not source from own pocket and therefore you have to sell one of your old property for the finance. But selling the old property may take time. So what to do? Well, the remedy lies in commercial bridging loans.
Commercial bridging loans are given for acquiring commercial property. This is called bridging loan because the loan is offered for the time till the borrower sells his old property and pays off the loan from the sale amount. In the mean time the borrowed amount is used for buying the commercial property. The main attraction of commercial bridging loans is that the borrowed amount is instantly in the hands of the loan seeker and also there is minimum loan burden on the borrower. This is because the borrower pays only interest till he finally pays off the loan. No monthly installments are involved.
How much can be borrowed? It depends on the value of the property the borrower intends to sell. Lenders generally are willing to offer up to 65 percent of the value of property. Usually the repayment period does not extend for long as it takes few weeks only for selling old property. The loan may be taken for two week or for 6 months as suits the borrower.
You need assets to get bridging loans if its big cash
You will be required to furnish collateral to take commercial bridging loans. Any of your commercial or even personal property serves the purpose of collateral. The property you intend to sell also can be placed as collateral with the lender. The borrowed amount and interest rate will depend a lot on the equity in the collateral.
Commercial bridging loans are approved quickly for facilitating the purchase of new commercial property. The loan comes in the hands of the borrower within 24 hours of applying. The loan can be applied in a very simple manner if you choose the online way. Each lender has provided a loan application online and you only fill required information in it and with a click of the mouse the application is with the lender. After verifying the information the loan is approved instantly.
Bad credit history does not count much in offering the loan as it is well secured by the borrower’s property. So bad credit people can apply for the loan without any hesitation.
Commercial bridging loans are in fact a way for prospering your business for you buy a new commercial property which enhances your business prospects. Compare different lender’s loan quotes and you will find out a suitable package. Make a deal with the lender after carefully studying key aspects of the loan.
Commercial bridging loans are handy
Commercial bridging loans are the best option when you are in need of urgent funds for buying a commercial property. You can pay off the loan when you are able to sell old property and till then just pay interest only to the lender. The loan is loaded with attractive features the article discusses.
Residential Bridging Loans – Buy a new home instantly
So, you simply need to buy a new home. And you have already set your eyes on a residential property that you have to acquire as early as possible or there are number of grabber roaming around. But you are in a dilemma as you do not have enough funds at hands while it will take some time to sell the old home. Residential bridging loan comes to your rescue in such crises.
Residential bridging loans are especially meant for buying a residential property like home. When you have decided to buy a particular residential property all you do to take required finance is apply to residential bridging loan provider. He will sanction you the entire amount necessary to buy new home. When you are able to finally sell old home or any old property the sale amount is used in instantly paying off residential bridging loan. Thus the loan functions as a temporary arrangement of finance till old property is sold by the borrower.
Residential bridging loan is secured by the lender through any property of the borrower. Often the very property put on sale by the borrower is taken by the lender as security or collateral of the loan. Because the loan is all secured, advantages of any secured loan are naturally attached to it. Any amount can be borrowed on the basis of collateral enabling in buying even high priced homes. However in case of a very high amount to be borrowed, the lender will evaluate equity in collateral. Usually lenders are willing to offer 65 percent of value of collateral.
Residential bridging loan is approved and is in borrower’s hand within 24 hours. But for such a quick approval the loan seekers should ensure that all the information provided by him is accurate.
As far as interest rate is concerned, lenders usually charge higher interest rate as compared to other secured loans. This is because the loan is a short term loan. Borrowers will return the loan as soon as old property is sold which takes few weeks or months. But the relief is that the borrower pays only interest during the repayment period. No monthly installments are paid.
Because of adequate collateral, even bad credit people can avail residential bridging loan without being enquired much by the lender. Though a good credit always helps in taking loan at easier terms but in this case bad credit is equally considered by the lenders.
Take a course of internet for searching residential bridging loan providers. You will find many of them there. Compare their interest rates and other conditions. Settle for suitable lender and apply to him online. This way the loan approval will come soon.
Residential bridging loan surely enables in acquiring a new home instantly. Make the most benefits of the loan but pay off the loan as soon as old property is sold as higher interest rate may trouble you later.
Residential bridging loan makes it possible for you to buy a new home instantly. You can conveniently pay off the loan when you are finally able to sell old property at the price you want. Till the time old property is sold or the loan is paid off, you pay interest only on the loan and no monthly installments are involved. Read the article for other features of the loan.