Bridging loans are generally utilised as a short-term financing option for buying a property before longer-term funding has been secured. This type of loan is typically taken out to ‘bridge’ the gap between the sale of an old home and the purchase of a new home, effectively allowing you to buy before you have sold.
Traditional lenders such as banks will not generally approve a second mortgage before the current property is sold, so bridging finance is a vital stop gap for many people. Here at Universal Finance we have access to a network of lenders who offer a variety of bridging loans dependent on your needs. In short, we scour the market for the best loan with the best bridging finance interest rates, so you don’t have to. If you have any questions or wish to clarify the suitability of a bridging loan for your needs, please don’t hesitate to get in touch.
As previously mentioned, bridging finance is intended to bridge the financial gap between selling one property and moving into another, but there are also other areas where a bridging loan could be used, including but not limited to:
Bridging finance rates can vary, and it can be difficult to select the right financial product but by partnering with Universal Finance you get bridging loans explained in an easy to understand way with a refreshing absence of industry jargon. For a clear and concise answer to ‘what is bridging finance?’ and a simple overview of bridging loan interest rates please get in touch.
Although it is theoretically possible to approach lenders as an individual, you will in all likelihood have limited choices when it comes to getting the best bridging loan for your precise requirements.
Universal Finance are committed to offering applicants the widest choice of loans from an expansive network of lenders in order to provide you with the most suitable financial product for your needs. Call us today to learn more.