Guide to Bridging Loans -

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Guide to Bridging Loans

Guide to Bridging Loans

Here is a useful guide to bridging loans. This is a loan that is usually taken out to solve a temporary cash shortfall that may arise when buying a property or business. It's basically a very short term mortgage. Like a mortgage, it's a loan that is "secured" against property.

A bridging loan is a type of loan that is used to cover shortfalls between buying one property and selling another. A prime example of when you might need a bridging loan would be if you're ready to buy a new home but are let down on the sale of your existing one. To secure your new home, before it goes to the competition, you could use a bridging loan.

A bridging loan is a short term mortgage which is secured by your property. This is usually arranged by getting a mortgage on the new property, and taking out a second mortgage on the property being sold. This type of loan is mainly available for house sales and is usually taken out to solve a temporary cash shortfall which can happen when selling and buying different properties or to pay for renovations. It 'bridges' the gap between the purchase of a new property and the sale of an existing one.

The bridging loan allows you to borrow over a short term which you can pay back as soon as you have sold your home. Because of the short-term nature of the loan however you should expect to pay more interest and higher fees than with a long-term loan.

You can also use a bridging loan to purchase properties at auction, fund short-term commercial or residential renovations, and to safeguard a property purchase if the mortgage is delayed. A bridging loan can be extremely flexible.

In the case of buying property, a bridging loan is normally secured by getting a mortgage on the new property, and taking out a second mortgage on the property being sold.

This can be the most cost-effective way to fill the gap that can sometimes occur between buying and selling your property. Due to being only a short term loan, Bridging loans are usually sold at a higher rate than a conventional mortgage.

There are two types of bridging loan are available:

Open Bridging loan

This type of bridging loan is available when you have not yet finalised the terms on which you are selling your own home, but are going ahead with the one you are buying.

Closed Bridging loan

This type of bridging loan is available when you have agreed the terms on the home that you are buying and the one that you are selling, but there is a delay in moving.

Bridging loans are available for all types of clients, from limited companies to individuals; from those with excellent credit status to those who have found it difficult to obtain mortgages and loans, including businesses, self-employed and those with a poor credit history.

Many different types of assets can be considered as security for a bridging loan, from residential, semi-commercial and commercial properties or land. Properties can be fully or partially developed, in perfect condition or need of renovation, or be of standard or non-standard construction.

Generally, you can borrow between £25,000 and £500,000 as standard. Larger loans are possible but may take slightly longer to arrange.

Lenders will usually allow bridging loans of up to 65% of the value of the properties - less any existing mortgage. But this will depend on the lender so shop around for the best deal.

As they are more risky for the lender than the usual homeowner loans, bridging loans are more expensive and should only be used where you are fairly certain to repay them within a short period of time.

You may freely reprint this article provided the author's biography remains intact:

About The Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.canada.com/topics/news/world/story.html%3Fid%3Dd7ad48d4-8789-437d-9ee2-022bf0a5a7d5cid=1273618955ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNH51nkID0qj8eOXnGPpyyaw59zRCAimg src=http://news.google.com/news?imgefp=b2_WHVKjDYsJimgurl=a123.g.akamai.net/f/123/12465/1d/media.canada.com/idl/ntnp/20081122/ntnp_20081122_fp005_motorcityseeksa_95372_mi0001.jpg%3Fsize%3Dl width=80 height=80 alt= border=1brfont size=-2Canada.com/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.voanews.com/specialenglish/2008-11-20-voa4.cfmcid=1273618955ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNFZxYqsZhzebog-05hqmq1QP4GC_QCongress Delays Action on Auto Industry bLoans/b/abrfont size=-1font color=#6f6f6fVoice of Americanbsp;-/font nobrNov 21, 2008/nobr/fontbrfont size=-1The chiefs of General Motors, Ford and Chrysler asked for twenty-five billion dollars in new bloans/b. Congress already approved twenty-five billion in b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/ousiv/idUSTRE4AI13H20081119cid=1273618955ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNGcYzoeR263xpyLNx0AD85iy2qDTQFord says could wait on US bloans/b until 2009/a font size=-1 color=#6f6f6fnobrReuters/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.freep.com/article/20081119/OPINION05/811190346/1068/OPINIONcid=1273618955ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNGc-dDq-qKNRXjLVyCMqgjARXNnNQbLoans/b to automakers make the only good deal for US/a font size=-1 color=#6f6f6fnobrDetroit Free Press/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.nashuatelegraph.com/apps/pbcs.dll/article%3FAID%3D/20081123/OPINION02/311239928/-1/OPINION04cid=1273618955ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNE29z5HkhrqBRw_1hPI6wW62BIbqQCongress can#39;t afford not to help Big Three/a font size=-1 color=#6f6f6fnobrNashua Telegraph/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.lansingstatejournal.com/article/20081123/OPINION01/811230556/1086/OPINION01cid=1273618955ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNHjSpQFaKDz1r6PXSgmoZopwqM5nQnobrLansing State Journal/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.theleafchronicle.com/article/20081119/OPINION01/811190303cid=1273618955ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNEBYc0fRyQfa6FQoUbOQXgGW0-p2wnobrClarksville Leaf Chronicle/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1273618955hl=ennobrall 1,889 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://business.theage.com.au/business/wall-street-dumps-workers-at-rapid-rate-20081118-6af9.htmlcid=1273579195ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNH13vgDcIURazyZRg2_zXq3vkStuAimg src=http://news.google.com/news?imgefp=GZE7fjegMwYJimgurl=images.theage.com.au/2008/11/18/293503/svCITIGROUP-470x0.jpg width=80 height=53 alt= border=1brfont size=-2The Age/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.nytimes.com/2008/11/22/business/22bank.html%3Femcid=1273579195ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNHtepB9Wi7jRDc66_GrEbrX4585_QWoes at Citigroup Began With Failed Bid for Wachovia/abrfont size=-1font color=#6f6f6fNew York Times,nbsp;United Statesnbsp;-/font nobrNov 22, 2008/nobr/fontbrfont size=-1Then, on Tuesday, a report about imminent defaults on two large commercial mortgages sent the price of bonds backed by those bloans/b tumbling. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.youtube.com/watch%3Fv%3DMgEK9hUYlI4cid=1273579195ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNHaF2hLD7-fn6EC80M9WxyPvGopwQVideo: Citigroup to Cut Costs and 53,000 Jobs/a font size=-1 color=#6f6f6fnobrAssociatedPress/nobr/fontobject width=448 height=356param name=movie value=http://www.youtube.com/v/MgEK9hUYlI4/paramparam name=wmode value=transparent/paramembed src=http://www.youtube.com/v/MgEK9hUYlI4type=application/x-shockwave-flashwmode=transparentwidth=448height=356/embed/objectbr/fontfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601087%26sid%3DacxKsnU5HOAI%26refer%3Dhomecid=1273579195ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNGYpM4TBbwjAz1n49B_SIk1GOXXLACitigroup May End Up With US Government Rescue (Update1)/a font size=-1 color=#6f6f6fnobrBloomberg/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.iht.com/articles/2008/11/21/business/finance.phpcid=1273579195ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNHd-l0T-M8JAUB9gtFP1rokgHKfTQCitigroup tries to halt plunge in share price/a font size=-1 color=#6f6f6fnobrInternational Herald Tribune/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.time.com/time/business/article/0,8599,1861332,00.html%3Fiid%3Dtsmodulecid=1273579195ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNHaS6fc6-AN1sPS01ND7Tn72md4KwnobrTIME/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://online.wsj.com/article/SB122729058665748333.htmlcid=1273579195ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNFqoyXWTckpodjcvz_cVUBbfTHL7gnobrWall Street Journal Blogs/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1273579195hl=ennobrall 1,667 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.latimes.com/business/investing/la-fi-banks22-2008nov22,0,3887469.storycid=1273004320ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNE64qqSG2i1sFxA1dBM0DiXmI0f3Aimg src=http://news.google.com/news?imgefp=HFloPpWkgaoJimgurl=www.latimes.com/media/photo/2008-11/43535151.jpg width=80 height=52 alt= border=1brfont size=-2Los Angeles Times/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.contracostatimes.com/california/ci_11054118cid=1273004320ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNFRxL4hp-8ed6I4OPYpVxEH94pFAwPFF now US Bank/abrfont size=-1font color=#6f6f6fContra Costa Times,nbsp;CAnbsp;-/font nobr12 hours ago/nobr/fontbrfont size=-1US Bank will modify the terms of certain mortgage bloans/b in accordance with the FDIC Mortgage bLoan/b Modification Program. Between Downey Savings and PFF Bank b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.dailypilot.com/articles/2008/11/22/topstory/dpt-downey112308.txtcid=1273004320ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNHG753cXENOR11Noxfv_SOBD99CZgâ€¢ Downey closes due to losses/a font size=-1 color=#6f6f6fnobrDaily Pilot/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.latimes.com/business/la-fi-downey21-2008nov21,0,7721667.storycid=1273004320ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNEAJPe5DPIuqOo0BosZ0QAGJLY-VADowney Financial could be next bank casualty/a font size=-1 color=#6f6f6fnobrLos Angeles Times/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.washingtonpost.com/wp-dyn/content/article/2008/11/21/AR2008112104099.htmlcid=1273004320ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNFxwMHQzX7_2dF6QHD2wxYyRkv4tQFDIC Seizes Three Banks, Expanding bLoan/b-Relief Effort/a font size=-1 color=#6f6f6fnobrWashington Post/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/feeds/ap/2008/11/22/ap5729925.htmlcid=1273004320ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNEjMYiIJ_R6RNo2kvM6OuyDVUjDJwnobrForbes/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601103%26sid%3DaAyVj8SZ7Y0I%26refer%3Dnewscid=1273004320ei=MLkpSYfPNY_u6gO2ycyACQusg=AFQjCNEMvdTogicWxND5vY8fPPibPwyp1AnobrBloomberg/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1273004320hl=ennobrall 825 news articles/nobr/a/font/div/font/td/tr/table

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