It is not often that you get a rare chance to lay your hands on a property be it residential or commercial. Naturally, you will by any means try to derive it. But with sky rocketing property prices, you will certainly face some financial constraint. If you are really annoyed about on how to derive the finances, then consider it done. For borrowers like you, the financial market has come up with the provision of low rate bridging loan.
A bridging loan essentially offers you the monetary assistance within a short span of time, so that you can purchase the property without facing too many hassles. The loan is secured in nature and can be derive only buy pledging your existing property or the property you want to purchase as collateral. Further, the amount sanctioned is largely based on the equity present in the collateral.
The repayment tenure for the loans does not last long and spans over a period of 6- 12 months. This is quite sufficient as you can pay back the principle amount by selling off your existing property within the stipulated time period. This implies that repayment of the loan amount is hardly a burden for you. Considering the presence of a valuable asset and ongoing competition, the interest rates concerning the loans are quite reasonable. Further, on ensuring a proper research of the market will help you to obtain affordable rates. Applicants with a serious bad credit problems too can avail the loans, but with a marginally high rate of interest.
You can further derive the loan in the form of close end and open end bridging loan. For those who are yet to sell their existing property can opt for the open end form of the loan. On the other hand, close end bridging loan is meant for those who have sold their existing property but have not yet received the payment.
Low rate bridging loan is available with lenders based in the traditional as well as online market. However, it is the online lenders whom you should prefer applying. The approval comes fast and that too in a secured manner. Moreover, by comparing the rate quotes of various lenders, you can very well select a suitable deal.
Eva Baldwyn aims to inform common men and women of the several issues involved in personal loans and mortgages through her articles. An MSc in Economics & Finance from the Warwick Business School is proof enough of the knowledge that she possesses in the field of finance. To find low rate bridging loan, commercial bridging loan, residential bridging loan, personal bridging loan visit http://www.easybridgingloansuk.co.uk/. |
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