Using a bridging loan as a short-term loan to help you finance a necessary purchase is a great way to make sure that you have the money you need quickly and with very little hassle. Unlike other types of loans which can take a longer period of time for users to get the money that they need, with bridging finance you will be able to get financing quickly and easily, making this a great option for people who are in a hurry and find themselves in a bind as in one of these bridging loan examples.
Buying Property at an Auction
One of the most common reasons to obtain a bridging loan is when you are going to be buying a piece of property at an auction. When you win property at an auction, then you have to pay a deposit in order to fully secure your bid. Then you will have 28 additional days to fund the rest of your purchase, and, for this reason, customers sometimes struggle to find the money that they need. This is one of the main reasons that we provide customers with bridging loans, but there are other bridge loan examples.
Dealing with Cash Flow
Cash flow problems can happen to anyone, and using a bridging loan to help settle an account or deal with a bank fee is a wonderful use of these funds. If you are unprepared for having to pay a large amount of money then you can benefit from a bridging loan. No matter whether you are trying to avoid repossession of your home and want to be able to sell your home at a later date, or if you owe money to a creditor, fast financing can make all the difference.
There are other bridging finance examples that show how we help our customers, including assisting with property development, buying property below its market value, and performing a renovation or refurbishment on your property.