What is a Bridge Loan?
The bridge loan is the short-term financial product available to ‘bridge’ the gap between the upcoming credit and current debt. This financial help can be availed to meet out the emergency financial needs also with surety of early repayment. The most common use of bridging loans is to purchase the property before selling the existing owned property.
How Do Bridging Loans Work?
The bridge loans is a secured credit against the existing home. The funds of bridge loan are used to pay the cost of new home as per agreement. Bridging loans are getting high popularity because of facilitating the real estate investors and end users to buy the new property before selling their own property. This financial help provides enough time to sell of the existing property at good price without compromising because of short of time.
Bridging Loans Calculator – How To Use It:
Bridging is the innovative way to secure a short-term finance. As being the leading direct lender in the UK, we offer tailored offers to suit the variety of objectives and circumstances. Whatsoever money you owe, you have to repay it in agreed period; therefore, you should have fair idea about how much amount you have to pay until the loan is completely paid.
The bridging loan calculator helps the borrower to plan the loan request as gives an indication of interest rates & total due amount. As being the most caring direct lenders in the UK, we assist you to use the advanced bridge calculator that gives you dependable figures of total lender fee, broker fee (If any), monthly interest repayment, total payable amount till the complete paid off. Slight change in interest rate affects the monthly payment considerably. The way you choose to repay the loan, also affects the monthly payment. To get the link for bridge loans calculator updated with current interest rate for the required amount, just fill up the on- the site form.
Types of Bridging Loans:
As being the foremost direct lender in the UK, we offer the best proposals to help you buy new properties without any urgency to sell of existing one/s. Our bridging financial products are designed to compliment all your diverse needs; so, these are named. We offer the widest variety of bridging finance to help you choose the best for particular need like purchasing overseas properties, purchasing auction properties, capital raising, purchasing an incomplete or run- down property, purchasing land etc.
Difference Between Open and Closed Bridging Loan:
The open bridging loan product is designed for the people without exit strategy. Each borrower has to pay back the due amount, so he must know the way to manage the repayment. These are suitable for the people who own the property to sell and to pay back the loan amount but they are not sure for completing the sale by a certain date. Open bridge loans are more risky but we charge the least interest rate, probably the lowest in the lending industry.
The closed bridge loan is designed for the people with clear strategy for pay back of loan. If you are sure of selling the property by a certain date, closed bridging loan should be your preference. Because of less risk involved, these are made available at very nominal interest rate.
Are you qualified for Bridging Finance Loans?
We try to accept maximum applications; still, we follow certain criteria to accept or reject the applications; and, in both the cases, the applicant is informed within minutes. We do not want you keep waiting for days or doing follow up calls; we request all the applicants to check their credibility at their own. You are a good candidate for getting instant bridge loan whether –
- You can or cannot prove your regular income
- You have excellent or impaired credit score
- You are employed, unemployed or self-employed
- You want the loan as an individual or for the company
- You have equity in your property or have alternative source to pay back
Why to Choose 24cashlender for Fast Bridging Loans in UK:
Offering the best-self employed loans with transparency has been the tradition at 24cashlender. Going a step ahead of others, we have simplified the entire process. Just spare 2-3 minutes to fill up the requirement and simple self-details in a simple online form and let us do the rest. You get the informed decision within minutes; and the cash is transferred to your account within a day.