Bridging Loan – Purchase your dream home before settling on your old.
A bridging loan is a short-term funding solution for people who are in the process of selling their existing home and have purchased another property. It’s very rare that in the finance and property industry to be able to line up both properties to settle on the same day in the process that it needs to complete the transaction. Most home owners will be reliant on the sale of their home to settle on a new purchase. Whether they are looking to use equity as a deposit or require the asset to be released before being able to sustain another mortgage. A bridging loan allows you to get short term finance to settle on your new purchase whilst await the sale of your old.
Does a bridging loan cost more?
A bridging loan does’t necessarily cost you more in the short term. However, if you’re unable to sell your home within a short period of time than it can cost you more to sustain 2 mortgages while your home is awaiting settlement. A bridging loan is perfect for someone who has existing interest in their property, potentially a contract signed and a longer settlement. Having an exit strategy on any short term lending is the key to utilising finance to work for you, not against you.
We will work closely with our clients to understand their plans and objectives and help sourcing the right amount of loan you require. We have a full range of repayment plans, and you can choose a specific plan suited to your business type.
- Streamlined application process
- Quick approval within 24 hrs.
- Loan approval even for poor credit history.
- Low interest rate
- Loan amount $20,000- $20,000,000.
We crave to build strong and healthy relationships with you.. If you are interested in Basic Finance and would like to know more about our Bridging loans, set up a free consultation by calling 1300 792 284!