You have a keen interest to purchase a new property which has got a suitable prospect in future. But due to the shortage of necessary funds you are not in a position to clinch the property. Moreover, you may not be ready to sale your existing property for some personal reasons. In such a hapless situation, you can still arrange the much required finances by opting for a short term bridging loan.
This loan offers you the monetary assistance with the help of which you can purchase the property conveniently. After clinching the deal, the amount you borrowed can be repaid by selling off your existing property in a convenient and affordable manner. During the ensuing period when you have not sold your existing property, all you need to pay is the interest rates. This implies that this loan is an interest only loan where in you have pay the interests only. The principle amount can be paid back once you have been able to sell the existing property.
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This loan is a collateral based loan scheme where in you have to pledge your existing asset as collateral to secure the loan amount. the repayment tenure for this loan stretches in between 1- 12 months. Although this loan is secured in nature, you will have to pay a high rate of interest, due to its short term availability.
You can avail this loan practically in two types. They are open ended and closed ended.
o open end: This loan option is beneficial for those borrowers who have not yet sold their existing property.
o close end: This loan option is beneficial for those individuals who have sold their existing property but are yet to receive their payments.
You can access this loan from lenders based in the traditional market as well as online lenders. Online application of the loans is highly beneficial as it makes the approval fast and considerable amount of time is saved. Moreover b y comparing the rate quotes; you can easily come across lenders offering low rates. Bad credit borrowers too can find a suitable deal based on their circumstances, by using the online services.
Short term bridging loan fills the cash gap which may crop up while finalizing a deal. With a proper research, you can pinpoint lenders offering these loans at competitive rates.
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