Investing a lot of money is always needed to buy a new home. People sometimes have to sell their old home in order to buy a new one. But as everyone knows, selling a house is not an easy task and takes a lot of time. By the time you get the money from the sale, the property you were going to buy has been bought by someone else. This is what most buyers have a hard time with these days. Bridging loans are a good way to get money when you need it.
Bridging loans, as the name suggests, are loans that help fill the money gap between when you need money and when you sell your current property. Bridging loans can be used for more than just buying new property. It can be used for any of your personal or business needs, like buying a new car, furniture, making improvements to your home, or meeting any other urgent need.
Easy Bridging Loan is backed by the property you already own and plan to sell. Residential properties, commercial and semi-commercial properties, auction properties, development sites, buy-to-let properties, retail shops, land with planning permission, etc. are all included in this property.
The main goal of an easy bridging loan is to give the borrower money quickly. An easy bridging loan can be approved in as little as 48 hours. The loan amount ranges from £25,000 to £350,000 and is backed by your home. You can borrow up to 75% of the value of the property you put up as security. Since these are short-term loans, the interest rate is higher. These loans can be paid back between 1 and 12 months, and in some cases they can be paid back faster.
Easy bridging loans have these pros:
- Short-term loans based on the value of your home, not the price you paid for it.
- Loans for development to help your business grow.
- Loans to people, trusts, and companies with limited liability.
- Possibility to apply online, which means less paperwork and a quicker process.
- Loans to people who work with brokers.
- You can also extend the time you have to pay back the loan to fit your needs.
- Loans for short terms to buy investment properties.
You need to fill out an application form with your name, address, and contact information, the loan amount, the value of the property, and the amount of mortgage you still owe (if any). After you fill out the form, the lender will get in touch with you. People with IVAs, CCJs, defaults, arrears, bankruptcies, etc. can get easy bridging loans. Easy bridging loans will help you start over in the right way.
