Bridge Loan to buy another HouseA bridging loan for the purchase of another house
Bridge credits are a kind of short-term financing that offers transient funds when other kinds of financing are not available. Bridge credits can be securitized against ownership, just like a home loan, and allow you to lend similar sums. As a rule, however, bridge credits can be obtained much more quickly - often in just 5-7 working days.
You can be protected against unseizable ownership and can even be protected against more than one ownership so that you can lend more or get a better interest on it. In this way you can afford both the cost of buying the house and the necessary renovations. You must specify an exit policy when taking out a bridge loan.
That means that you have to explain how you are going to pay back the loan. When you buy a home to let, your exiting policy will usually depend on you resetting the mortgages on a purchase. Surely a good bridge loan intermediary will often be able to set up a business with creditors so that you can purchase an automatic refinancing to make a loan when you are willing to pay back your bridge loan.
Do you remember a buy to take out a home loan within 6 month of the date of your buy? A number of creditors are hesitant to re-finance real estate bought in the last six month. But there are many specialized creditors who are willing to re-finance real estate within 6 month of buying as long as you can show where they got it from.
When you have taken out a bridge loan, this is usually not a problem as you can clearly show the origin of the moneys. Clifton Private Finance was contacted by a 75-year-old pensioner in Newcastle looking for help buying a home for hire. There was a need for extensive renovation of the building, which included front and back annexes as well as a new galley and bathroom.
Quickly we were able to offer the customer a bridge loan from a specialised creditor for the full 85k with a 9 months loan period at an attractively priced interest. Or we can make a purchase to secure a loan for you so that the whole procedure is as quick, simple and stress-free as possible.
You need a bridge loan for a rented object?