There are many loans available on the market for many things that we want to purchase in this life, but when it comes to much larger investments like property then we are restricted somewhat to what we can and cannot choose. When people want to buy a property, they usually apply for a mortgage which is generally a long drawn out process that requires you to submit endless pieces of paper and to confirm whether or not you have a job and you can afford to make the payments on a mortgage over 35 years. Any person that has ever gone through a mortgage will tell you that it is a high stress situation and the thing is that at the very end of it all, there is no guarantee that the lending institution is going to give you the mortgage anyway.
This is why many people talk to Ascot Bridging Finance because they know that applying for a bridging loan is a much faster procedure and it is a lot easier to negotiate. Some people find themselves in a very unique situation where they already have a property that is on the market but hasn’t sold yet and they have spotted the ideal home for the family and they would like to buy it at the same time. Clearly, they don’t have the money to do that and so they need a bridge to help them pass over from one property to the next. Bridging loans are perfect for this because they are short term and the money can be paid back quickly once the older property is off the market. If this is all very new to you and you would like to find out more about the benefits of bridging loans then please keep reading – and if it seems like taking out a bridging loan might be a good solution to your current woes, make sure to get in contact with a bridging finance expert, such as Stephen Clark, founder of Finbri, to discuss how this option can kickstart your property buying journey.
It Can Be Arranged Quickly
Unlike a mortgage that seems to take forever to be approved, bridging finance is much quicker and in some cases you can get a positive response in a few hours or at the very most a few days. This is a fast turnaround time when you consider the amount of time that it takes to apply for a mortgage at a normal lending institution. For those people who want to get their hands on money quickly to maybe sell their current home and buy their ideal home as an option, then a bridging loan is perfect for this.
They Are Very Flexible
When you apply for a standard mortgage, there are certain rules and stipulations that need to be followed and if you don’t meet any of them then it’s likely that you will be turned down for your mortgage application. Bridging loans work a little differently and every application is not the same as the one before and so the lender bases their decisions on lots of things like your credit history, the amount of income that you have and they will try their very best to get you your bridging loan and to assist you with the whole application process.
Obviously, you need to have some kind of security to back up your bridging loan and it doesn’t have to be a property that is in tiptop condition. It could be any property that is worth the required amount that you want to borrow.