You may have observed certain situations where a person is busy arranging finances to purchase a new property before selling the existing one. This type of situations is very common nowadays. The financial crisis can be easily tackled by applying for a low rate bridging loan. This loan offer quick finances which can be used to purchase the property without any delay, before some one else grab the property.
This loan basically bridges the cash gap which may arise while purchasing a new property and selling off the existing one. To avail the amount under this loan, you have to pledge any valuable asset such as home, real estate, cars, documents like stocks, bonds etc should be pledged as collateral. The new property you are intending to buy can also be pleased as collateral. If the present equity value of your collateral is high, then most probably you will be getting a bigger loan amount.
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The amount you can avail under this loan is in the range of £25,000-£100,000. Although this loan is secured in nature, the reimbursement period offered is small and stretches for a period of few months to one year. This is an interest only loan, where in you are required to pay only the interest rates. The principal amount can be repaid easily after selling off the existing property.
Bridging loan is made available to borrowers in two forms i.e. open end and close end. Those individuals who have not yet sold their existing property and require finance can open for open end bridging loans. On the other hand, close end option is meant for borrowers who have sold their existing property but is yet to receive any finance.
Since most of the individuals are now offering various loans through the medium of internet, it is the same with this loan too. To apply for this loan, all you need to do is to fill an online application form with the necessary details like personal and credit information. Moreover, the online option provides a lot of options to borrowers in terms of interest rates and flexible repayment option.
With low rate bridging loan, you can access quick finances which can be used to purchase new property without any delay.
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