Bridging loans are used by home-movers, buy to let investors, property traders or developers, business men or individuals who just need to raise money quickly.
Why a bridging loan...
The purchase of a new property prior to the sale of the existing property.
Last minute hitches:
- Offer of mortgage is revoked or the buyer of property drops out and risk of losing deposit
- Substantial discount has been negotiated for a quick completion
- Purchase of a property at auction with often only 14 days to complete.
- Mortgage lender retentions
- Rescue packages to stop property repossession.
- Property development
- Self build
