Requirements for Bridging Loan Applications

Bridging loans are an amazing help at times where there is a requirement or a large sum of money to push an agreement across the finishing line, or where there is a need for a quick answer, or another person or business will secure a deal ahead of you.

Bridging loans are used in these circumstances because with this type of specialist finance you have the most convenient and effective problem-solver. As long as you have an exit strategy in order to pay back a bridging loan, the service can open up a whole world of possibilities.

A bridging loan is only ever meant to be used over a short period of time, and has a high interest attached as a result. This is why they should never be used as a long-term financing option, and only as that ‘bridge’ between you finalising a deal and financing that deal.

To take out a bridging loan you’ll have to have a clear exit strategy in place, and provide security in the form of a property or plot of land to secure the loan. The exit strategy is the plan you will use to pay back the bridging loan on or before the date in which the agreement is due to come to an end. In most cases this would be paid via the sale of a property.

At Central Mortgages we have access to some astonishing bridging loan options. To find out if we can help you please feel free to contact us today on 01277 630 183 or office@centralmortgages.net.