Bridging the Gap ? through Bridging Loans
You were on your regular walk with your wife, and you passed by this house. Then the idea struck - you want this home. A chat with the property dealer and the price was fixed. But there was a problem - a major problem to be exact.
The house has to be purchased at the earliest. Or else it will be sold to some other customer. The problem now is - how can you arrange so much money, at so short a notice. You could have sold your house, but fear you won't get a better deal, if you hurry.
Worry not! We can help you end your problems through bridging loans.
Bridging loan as the name suggests, is a loan to bridge the gap between the customer's resources and the customer's need. So it doesn't matter what the customer earns, or what price will his house fetch on being sold. He can take a bridging loan to serve his immediate need.
Through a bridging loan he can have cash to pay for his new purchase, till the old home is sold.
Bridging loan is a short term loan having a repayment period of a week to six months. Once the customer sells off his original property he can settle the bridging loan.
The bridging loan is generally secured on the customer's house / property. The customer can decide to tie either both new and old home to obligation, or any one home can be kept as collateral.
Once through with the property valuation, wherein the lender undertakes measurement of the worth of the house/ property (the value of a property depends on a number of factors. Prominent among them are the location of the house, home furnishings, the condition of the house, and many more), the lender can advance money to the customer within no time. Generally two- thirds of the property can be taken as a bridging loan. Lenders offer as much as £25000 to some million pounds on a bridging loan.
Whom to approach for a bridging loan- if this is the question lingering in your mind, and then we can help. It is recommended to window shop many lenders. Compare the rates being offered by each of them. It is not that every one charges the same. There might be some, offering the rate just suiting your standards. Look for any hidden cost included in the loan.
Other important criteria for your search for bridging loan would be the speed with which the bridging loan is made available to you. If you can not get instant cash, what is the use of bridging loan? Though most of the lenders make long statements about their swiftness, only a few put them into practice.
Thus bridging loan can help customers to draw instant cash. But bridging loan is not free from its share of disadvantages. Some of the disadvantages have been explained below.
Bridging loan is seen as more precarious by an average lender. Thus he may charge exorbitantly. Since the customer is in dire need, he accepts. A solution to this would be to keep the repayment period short. This way he will have to pay less.
Another disadvantage of bridging loan would be when the customer fails to sell his earlier property. Till the time he sells his original home, he will have to bear the brunt of interest.
James Taylor holds a Master's degree in Commerce from JNU he is working as financial consultant for http://www.chanceforloans.co.uk To find a Debt Consolidation loan that best suits your needs visit http://www.chanceforloans.co.uk
Latest News
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 Javno.hr | Loan Delinquencies Hit Record High Last Year Washington Post, United States - By Nancy Trejos Delinquencies on auto loans and home equity lines of credit reached their highest levels on record during the third quarter of 2008, ... Late loan payments hit record high in Q3 US consumer loan late payments at 28-year high Home-equity delinquencies at record level |
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PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans Bloomberg - Known as PennyMac and led by Stanford Kurland, the firm is paying an average of 30 cents to 50 cents on the dollar for the loans and the FDIC is sharing ... FDIC Unnationalizes Some Debt BlackRock, Highfields-backed firm to share gains and losses with FDIC PennyMac Completes Purchase of $558 Million in Mortgage Loans from ... |
 Reuters | Banks Pare Fed Loans After Increase for Year-End Cash Bloomberg - Outstanding loans to banks through the Term Auction Facility dropped to $384 billion from $450.2 billion, the Fed release showed. ... Fed Says M1 and M2 Rise, Loans to Banks and CP Loans Fall Banks borrow more, investment firms less from Fed Will asset-backed securities return? |
 Boston Globe | Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies Bloomberg - Fed policy makers have expanded the central bank’s total assets by $1.25 trillion to $2.14 trillion over the past year by increasing loans to banks and ... Rosengren sees path to recovery US FED: Rosengren Supports Expanded FHA Mortgage Lending Hub’s Fed chief: Deep recession confounds forecasts |
Legislative analyst doubts loans will fly San Francisco Chronicle, USA - Finding investors in a credit market that's in turmoil and a potential legal challenge on whether the state can take out short-term loans to balance the ... Report: Schwarzenegger's heavy borrowing proposal is risky Analyst has worries over Schwarzenegger plan to close budget gap |
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