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How to Get a Bridging Loan

What it is

A bridging loan is a loan that is taken out to solve a temporary cash flow problem or shortfall that can arise when a borrower buys a property or business or is paying for a renovation. For instance, a borrower may want a bridging loan if he/she wants to purchase a second property before selling the first. A bridging loan is more risky for the lender than the usual homebuyers' loan and is more expensive to borrowers as a result. These loans are only for borrowers who can repay the loan within six months. Depending on the lender, a bridging loan can usually be obtained even by people with bad credit.

Bridging loans behave differently for different lenders based upon the purposes for the loan. For instance, a bridging loan needed for the purchase of a property is secured by getting a mortgage on the new property and taking out a second mortgage on the property being sold. The loan will depend on the positive valuation of the relevant properties. Lenders will allow bridging loans of up to 65 percent of the value of the properties less any existing mortgage. Borrowers can usually obtain between $25,000 and $500,000. Borrowers are charged a set interest rate per month. Those with bad credit histories can expect to pay more.

Who it's for

A bridging loan is for people who need extra funds during periods of high expenditure, including buying and selling properties, completing home renovations and for business related reasons. People who are interested in bridging loans should be able to repay them within six months as they are expensive. These loans can be underwritten very quickly, often within one week.

What you need to do to apply

In order to obtain a bridging loan, interested applicants will need to contact a local lending institution or specialist bridging lender and inquire about the different options and rates available. Personal and financial history, including a credit report, will need to be made available to the lending institution. A property appraisal may also be required.

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