bridging loan manchester

Bridging Loan in Manchester

BRIDGING LOAN AND BRIDGING FINANCE IN MANCHESTER

– Experienced Mortgage Broker –

A Bridging Loan is used as short term borrowing…..
More about Bridging Loans by Manchestermoneyman…

Bridging loans are mainly used as a form of short-term finance to fund a property purchase.

A bridging loan is secured against your property.

This security is arranged as a charge on the property and can be done on both commercial and residential properties.

Due to nature of the borrowing, bridging loans can be arranged relatively quickly and will allow the property purchase to go through. Often, bridging loans can ‘save’ house sales and allow them to complete.

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There are two types of Bridging Loans available:

1.  Open Bridging Loans
2. Closed Bridging Loans

Open Bridging Loans

Open bridging loans are suitable when there is no specific date for completion. Due to the flexibility of this finance, it is the most expensive.

Closed Bridging Loans

Closed bridging finance is suitable for when the completion date is known at outset and there is a clear plan in place to repay the funds. Due to these closed bridging loans being more structured they are the cheaper bridging option.

Bridging finance is much more flexible than a standard mortgage and the set up and exit charges can be high.

When considering this type of finance I would advise that you include these in the ‘bargain’ sale price when applicable.

If you would like any further information about bridging loans then please get in touch and I will be happy to help.

SOME ASPECTS OF BRIDGING LOANS MAY OR MAY NOT BE REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

Malcolm Davidson 
Mortgage Broker
( Call / E-Mail or Text Me )
Bridging Loan and Bridging Finance in Manchester

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