If you’re in need of a short term loan to finance a conveyancing project, bridging could prove to be a valuable funding tools.
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So what is a bridging loan?
A bridging loan, or a short term secured loan as it is also known, is a method of financing the purchase or refinance of a property for a short period of time.
In other words this short term loan “bridges the gap” until the buyer is in a position to finance the purchase in a more typical manner (e.g. with a standard mortgage).
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By trusting Goldsmith Williams with your bridging, you’ll get:
- The whole process explained from the start
- Friendly and knowledgable staff
- Regular updates by phone and/or in writing as your case progresses
- Fixed costs so no nasty hidden surprises.
What are bridging loans used for?
There are many situations where bridging could provide a suitable alternative:
- You’ve found your dream property but cannot sell your current one
- You’re buying a property at auction and need a faster turnaround than mainstream lenders can offer
- You’re purchasing a property in need of refurbishment and a mainstream lender will not lend due to its current state
- You’re buying property off-plan
- Your previous mortgage offer has expired and you’re unable to get another one confirmed in time.
Bridging loans should never been seen as a long term finance option because, as you may expect, it can be an expensive alternative. Goldsmith Williams advises anyone considering a bridging loan to be fully aware of the risks involved and to have a realistic exit strategy.
The whole process was handled in a polite and professional manner. It was stress free from my end. The home visit to have documents witnessed made it so much more convenient.
Mr Davis - 10/10 - Equity Release