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What is a Bridging Loan?

 
 
Reply Fri 26 Feb, 2010 03:14 am
What are the main differences between a bridging loan and normal loan?
 
dadpad
 
  2  
Reply Fri 26 Feb, 2010 05:13 am
wanna buy a bridge? I have one for sale if you cant pay cash you will need a briging loan
0 Replies
 
dadpad
 
  3  
Reply Fri 26 Feb, 2010 05:17 am
@bluesaint73,
bluesaint73 wrote:

What are the main differences between a bridging loan and normal loan?


Chiefly the term of the loan is very short ad generally speaking the interest rate will be somewhat higher.
It's basically a very short term mortgage. Like a mortgage, it's a loan that is "secured" against property.

Bridging loans can be used for reasons other than buying and selling property...

generally bridging loans attract a higher interest rate
0 Replies
 
CalamityJane
 
  3  
Reply Fri 26 Feb, 2010 09:20 am
@bluesaint73,
Basically you take out a "bridge" loan in order to buy a property while you
have not sold your own yet. The bank (should you get a bridge loan these days)
will lend you the money until your old property is sold and you can repay the
bridge loan.

A regular loan is either a mortgage loan for your home or a loan for your car.
0 Replies
 
matrinmax
 
  0  
Reply Fri 23 Oct, 2015 11:43 pm

Bridging loans offer short-term finance for buying a property before your longer-term funding comes through. Find out about terms, rates and risks.The most common use of these loans is to help fund a new house purchase while you’re waiting for your existing property to sell.Bridging loans can also be used to help you buy at auction – where you’ll need to put down a deposit as soon as the hammer comes down.
0 Replies
 
 

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