Bridging loans are obtained for the intention of buying a property until one is able to vend his old property at a desirable value. Therefore a bridging loan is a short term financial agreement for buying a new property on account of an old property. It is not very easy to decide which type of bridging loan should be obtained in order to get the maximum profit out of it. With the increasing demand in loan, different types of counseling centre's have opened which are advising people in order to avail maximum profit from it.
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They tell us all the pros & cons of various types of bridging loans. Person is required to tell the category of property they are interested in and then the suggestion is given by the experts. The bridging loan counselor may also resolve the loan amount for you after assessing the cost of the property. As the rate of interest on bridging loans are very high, the bridging loan counselor may help you in selecting up a loan at relatively lower interest rate by giving you ways to do so. In case your credit history is not very good then the loan adviser also assists you the way of taking a bridging loan and gives you the best suitable option available. They can be obtained by people having a bad credit history. There are basically 2 types of bridging loans famous now days that are residential bridging loans & commercial bridging loans. Residential bridging loans are for those who are interested in buying a house or a flat while commercial loans are for those interested in buying a shop or for investment purposes.
One should make sure, that he has all the required documents regarding the property because the lending company may ask him to submit the same at any time during the agreement of the loan. They always ask you to provide a security against the bridging loan. Since the repayment of these bridging loans varies from one month to twelve month there fore it is advisable to sell your property within this duration in order to avoid the heavy penalties of late payment.
One major advantage of this type of loan is that they can be arranged quickly without any unwanted delay and the disadvantage is that the borrower has to pay high rate of interest.
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