What are Bridging Loans?
Bridging loans are a short-term funding option. They are used to ‘bridge’ a gap between a debt coming due and the main line of credit becoming available.
These usually have a higher interest rate than a traditional mortgage, however they are based solely on the individual case and its circumstances.
Bridging loans are designed to help people complete the purchase of a property before selling their existing home by offering them short-term access to money at a high-rate of interest.
As well as helping home-movers when there is a gap between the sale and completion dates in a chain, this type of loan can also help someone planning to sell-on quickly after renovating a home, or help someone buying at auction.
At Turney & Associates we can source bridging loans to cover:
- Chain breaks.
- Investment purchases.
- Commercial lending.
- 2nd charge and 3rd charge lending.
- Medium-term bridge to let.
- HMO purchases.
- Below market value transactions.
- Short term borrowing against assets.
- Agricultural bridging.