Bridging loans sometimes get a bad rap in the lending world. The main reason is that they can cost the borrower more than a traditional, permanent loan. But the real truth is that they can provide many benefits to businesses and individuals alike. In fact, a huge percentage of business deals and residential transactions would likely never occur without these short term loans. They certainly would be more difficult to complete. If you find that you are in need of money quickly for whatever reason, you may want to seriously consider using one of these loans to help solve your problem.
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Homeowners in the process of selling their home but trying to buy a new one often use bridging loans to 'bridge' the gap between needing a permanent loan and securing one. In other words, they can utilise these short term loans to make their down payment on their new home and move in. Once their old home's sale is finalised or they secure a permanent loan they can repay the short term loan. In the business world, snatching up prime pieces of property or closing business deals quickly frequently rely on these short term loans since they take only days to secure instead of the weeks or months that permanent loans might take.
So why are some so hesitant to take out these short term loans? Mainly because there are more costs to the borrower. These costs come in the form of fees, points, and higher interest rates. But these higher costs and extra fees certainly do not offset the many advantages that bridging loans can provide. Most of these short term loans are only underwritten for a period of six months to two years, and they can help to avoid the cancellation of major real estate deals or business transactions that could fall apart because of long waits for more permanent financing.
If you're a business owner that has a major deal closing in a few months but needs cash now, or if you are a homeowner waiting for your old home to sell but ready to buy a new one, bridging loans may be the best way to solve your current financial issues. They're perfect when you know that you can secure a new loan or close a deal quickly, and most don't charge any penalties for early repayment of the loan. The terms are often flexible, and they can give you the cash you need when you need it. Take a second look at these short term loans, and you may realise the benefits that they provide.
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