When you approach many lending institutions, it is always their goal to get you to borrow money over a longer period of time. Generally speaking, these lending institutions do not like short term loans because they don’t make a great deal of money out of you because you pay the money back quicker than they would like. There are many people however including business owners and property owners that do not want to borrow money over a long period of time much like you would with a mortgage and so they miss out on been able to make some much needed changes to their properties. The good news however, is that you can get a bridging loan and this is a useful for those of you who only want to borrow money short-term.
Everyone needs access to funds for a number of reasons and so many lenders know and understand this need and particularly Ascot Bridging Finance goes out of its way to make borrowing money easy because they know how important it is to be able to get the necessary finance needed. If this sounds like the kind of loan that you might be interested in then maybe the following reasons for applying for a bridging loan will encourage you to make an application.
- Buying a new property – A number of people have already sold their existing property and all they are doing now is just waiting for all of the paperwork to be completed so that they can be paid in full. They might however have their eye on another property that they would like to move into and yet they might miss out on it because they don’t have the necessary finance to make the purchase. This is where a bridging loan can be highly invaluable because it allows you to borrow the money to purchase a second property for only a short period of time and then you can pay it back immediately when your initial property is sold.
- An essential refurbishment – When you apply to a bank or building society for additional funds to do some refurbishments around your property, it can be very difficult to get the loan. This doesn’t mean that you should give up however because a bridging loan is perfect for something like this because the refurbishment itself should only take a few weeks and so you won’t be paying a great deal of interest.
- Buying a business property – It might be your plan to start a business by yourself and so you need to purchase a property for your new business venture. The thing about taking out a mortgage on a business property is that it is not as straightforward as a residential mortgage and so it could take a considerable amount of time for the whole process to finish. The beauty about a bridging loan is that you can get the property quickly and then you can pay back the money when your business mortgage finally comes through.
All you need to do now is to find the right kind of bridging finance specialist provider and they will tell you everything that you need to know.