Reading Bridging Loans Solicitors
Bridging loans are short-term loans often used to purchase a property while waiting for the sale of another to complete. For example, a residential buyer may use a bridging loan to secure a deal on a preferred property while their existing home is sold. A bridge loan could also be used when buying a property at auction, where the deal would need to completed almost immediately.
Bridging Loans are considered a specialist but flexible finance option and for this reason are often used for commercial property refinancing. As they are only intended to bridge a gap in available finance they are typically provided at higher interest rates than longer-term mortgages. The term of the loan is typically 2-12 months but can range to a couple of years. During the agreed term the loan is secured against equity in the property.
No matter what the purpose of the loan, bridging offers a wide range of personal and business financial solutions.
Why Use a Bridging Loan
Property Acquisition or Development:
A bridging loan can be especially useful for purchases at auctions, or if the property is to be developed and sold within a short time frame.
Buying and Selling your Home:
We know that moving house can be stressful. Waiting for your house sale to finalise, while also securing a new home is made easier with a bridging loan. Secure your new home while the sale of your old house finalises.
If your property doesn’t meet the Buy to Let criteria, our bridging loan options can help you turn things around.
If you need cash, Bridge Finance Direct can unlock the cash tied up in your current property(s).
Need money to start your next project? A bridging loan can help you get the capital needed out of existing property.
Contact Chatham Chambers Solicitors
If you would like to speak to one of our Reading bridging loan solicitors, please telephone us on 0118 958 5855 or contact us online.