Types of Bridging Loans

Before we delve into the details of the types of bridging loans that are available to those seeking it, we must understand what bridging loans actually are and who can avail them. Bridging loans are temporary loans that can be used by an individual to buy a new house or pay for its mortgage without having sold his previous property. In a typical scenario where a person needs financial assistance to pay for his move-up house because he has not been able to extract the required sum of money to make the purchase by selling his existing property, a bridging loan comes really handy.

Bridging loans have a variety of benefits and are gaining popularity day by day. You need not furnish a proof of income in order to avail a bridging loan. You can avail anywhere between 3 and 6 months of discounted bridges. Moreover, depending upon your specific loan requirement, you can also go for second or third hand bridging loans! Now that you know the benefits of bridging loans, let us take a look at the various types of loans that you can avail under this category:

  • Refurbishment bridging loans: when a property does not meet the typical ‘buy to let’ criteria and needs either full or partial refurbishment, you can avail refurbishment bridging loans to r the condition of the property and make it suitable to let.
  • Development finance bridging loans: those chiefly comprise short term financing for your residential or commercial projects, which is released in pre-agreed stages.
  • Residential bridging loans: as the name suggests, these loans can be availed for all types of residential properties, whether you live in it or use it for investment.
  • Commercial bridging loans: again, as the name suggests, commercial bridging loans can be acquired for various commercial properties including shops, offices, warehouses, factories as well as for commercial lands which you either own or intend to purchase.
  • Second charge bridging loans: these bridging loans are offered on all the above products. This means that you can avail bridging loans even if you already have another pending mortgage to pay.

No matter what your property requirements, with bridging loans they can be met well within time and without any hassles. So what are you waiting for? If you wish to buy a property but do not have the money to pay for it, there is no need to worry! Simply avail a bridging loan from a reliable company and own your dream property!
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