When it comes to getting a loan, there are a lot of different options to choose from. You might be wondering if bridging finance is the right option for you. In this post, we’ll take a look at who is eligible for bridging finance and what you need to know before applying.
If you’re a small business owner who’s been searching for funding, you may have come across bridging finance. This type of loan can be a great option for businesses that need to bridge the gap between two major financial transactions. But who is eligible for bridging finance? And what are the requirements? Keep reading to find out more.
What Can a Bridging Loan Be Used for?
Bridges can be a great way to get from one stage in life, or financial situation and onto another. However it’s not just about the person looking for loans – there are other factors which come into play when deciding how much you qualify for based on your individual needs.
1. A Fast Property Purchase
This is a great option for those who need cash quickly and want to buy property. In most cases, bridging funds can be made available within one week which means you won’t have any trouble finding someone willing or able to offer their services as a lender on your behalf!
You receive the money immediately after signing up – so all that’s left now is to start looking at properties with this loan plan before it runs out.
2. Property Refurbishment
The market has always been tricky for first-time buyers, but it’s especially difficult if you don’t have a kitchen or bathroom. In the past many people found themselves stuck with 100% retention mortgages that they couldn’t afford to pay off in full once their home was bought – until now!
You can apply for bridging finance and then refinance your loan after purchase so as long as there aren’t any other issues regarding repairs needed before moving into property ownership (which is unlikely), this will give both parties more security knowing everything should go smoothly from here on out.
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3. Breaking the Chain
When you’ve found the perfect house, but can’t sell your current property due to lack of inventory or any other obstacles – bridging finance is what may help. With this loan granted by a lender and secured against one’s desired outcomes (to transfer mortgages), they will be able move onto another site without worry!
4. Auction Purchases
You should always have the appropriate funds secured before bidding at an auction. Most auctions allow four weeks, post-bid to complete your purchase and that’s why you need bridging finance available during this time frame while short term loans are being finalized (or sooner if possible!).
5. Quick Cash
Whether you are selling or refinancing your property, a bridging loan can be useful for making essential payments. It might also help with temporary cash flow shortfalls and funding business requirements like replenishing stock or covering marketing costs.
Finding the Right Finance
Have you been financially indentured to the gig economy? Is your jobless and can’t afford for a longer period of time before being able to get back on track with life, but don’t want any more stress than necessary in these trying times.
Are there other things holding down our potential like student loans or credit card debt which might make us less productive at work while simultaneously making it difficult when looking into opportunities outside traditional employment settings because they are just as hard hit by this economic downturn.
