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Even with the most careful planning when buying or selling a house, there are a number of pitfalls that can appear due to factors beyond your control. The most common of these is when the sale of a previous property has fallen through or when you are faced with a great opportunity to buy but have not yet secured a buyer for your current property.

Bridging loans give you the freedom to be able to make the best choices on when to buy or sell without having to rely on others. They do this by providing the short-term financial assistance you need and would otherwise have during a move that can be paid back at a later date when your move is completed.

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Using a Commercial Bridging Loan

A commercial bridging loan – is aimed at businesses and has a number of functions. It can be used as a source of money to help businesses through the periods between large projects or in the event that permission to carry out a project has not yet been attained but may be in the short term. In these situations where the duration of the commercial bridging loan is for a longer period, the rate of interest may be higher due to the added risk caused by the uncertainty involved on the part of the lender.

Understanding Residential Bridge Loans

A residential bridging loan – is aimed at individuals who require funds to place a payment or entirely buy a new property while still having not sold their current one. In this situation, the individual is expecting to sell their current property in the short term and so will be able to pay back the bridging loan after the sale has gone through. Again the rate of interest would be higher due to the fact that there is a possibility for the existing property to take longer to be sold or indeed not be sold at all.

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What is an Open Bridging Loan

An open bridging loan – is one that has no fixed time at which the individual or company has been set to repay the loan. This form of bridging loan, therefore, carries a higher interest rate as there is no pre-agreed time period in which a lender can guarantee a return on their investment.

 

What is a Closed Bridging Loan

A closed bridging loan– however, offers far better rates of interest purely because the repayment time is set due to the fact that the sale of a property is already guaranteed. This can allow lenders to quickly lend money at lower levels of interest safe in the knowledge that the customer has already secured the necessary capital from their property to pay off the loan.