When you are looking to buy a property to replace an existing one it is not always feasible to buy the existing property first and then use the money to buy the other. A commercial bridging loan can provide you the necessary finances at such occasion. Actually it is a kind of short term loan which one takes wisely to coordinate the sale of one property and the purchase of another property.
A commercial bridging loan is called as so because it act as a bridge between two transactions. In the case of commercial bridging loans the borrower doesn't have to take the burden of double mortgage.
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Borrower has to pay interest only on a monthly basis. The loan amount may be repaid after property is sold out. That is after your property on sale is sold you can repay the loan amount completely as lump sum. If for any reason the property does not sell before the maturity period, make sure it will take the form of a conventional loan and no penalty will be charged.
A commercial bridging loan is mostly a secured loan that is you may have to pledge collateral in this case. This collateral could be a property or other movable assets like shares and bonds. Since you are pledging a security in this case you will be accepted even if you have some bad credits associated.
The amount under a bridging loan ranges from £25000 to £3 million; depending on the value of the property, against which you take the loan. These are short-term loans, which you can repay in few months to a year.
The process of applying for a commercial bridging loan is hassle free and is just like that of any other loan. What is advisable is to work with an experienced lender who is already familiar with this type of loans.
Ensure that before applying for the easy bridging loans, you have extensively searched internet for finding a suitable deal. You will be receiving the loan quickly and can save some money when you apply online. Commercial bridging loan is the best loan for business transactions of all kinds amount received can be used to used to fill the money gap that comes in between two deals.
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