Bridging Loans

6. Bridging Loans

When you need help with refinancing cash or extra money and an emergency fun who you going to call? We recommend that you contact a bridging loan company who is a lender who can help you with the bridging loan. To set this up to help you reestablish credit, to help you pay off debt, to help you with refinancing your house, and other obligations.

What is a Bridging Loan

The purpose of a bridging loan is a serve as a bridge between the gap between one place and another and the short term loans are really good and beneficial if you in a tight crunch like say for example you have creditors contacting you and they suggest a consolidation but the debt consolidation companies don’t want to help you. You can get a bridging loan and pay all of your bills at one time use your bridging loan as a payment that you pay out over time The benefit to doing this is your interest rate may drop because sometimes credit card debt and credit card interest rates can be 18, 23, 26, and sometimes even 28%.

Benefits of a Bridging Loan

Benefits include you can stop harassing calls from coming in, you can stop letters coming into your mail with threatening notes and threatening messages, you can stop threats of collection agencies trying to take you to court and damaging your credit report. Using a bridging loan is a benefit because it almost puts a band-aid on the problem that you have to give you a little time to fix it, or bridge it in this case.

Bridging Loans to the Rescue

Another area where bridging finance and bridging loans can help you is when you’re considering buying a new property. Let’s say for example, you sold your own property and you are waiting to go to closing and of course they tell you it might be a few weeks, but they were wrong and it turns out that you’re waiting for what could be 2 months, or in some cases, it could be after 3 months. If during that time you found a great new property and you need the money from your closing as a down payment, then you’re torn because you think okay well where will I stay in the interim? Remember if you don’t close right away on the old property, you have to find a way to finance the down payment. What we recommend is instead of focusing on settlement problems and trying to get a traditional loan where you need more paperwork, consider a bridging finance loan.

Bridging Loans Can Help

With a bridging loan you can use the money that’s allocated to you and set aside towards your new down payment on your new house while you’re waiting for a settlement on your old and the closing date. This way you have the luxury of being able to move and jump from one area to another without the worry and you can rest assured that your bridging finance can help to get you into your new home by your closing on your old place.

Another area where bridging loans help is when you need to refinance on when you need to make repairs on your home. Let’s just say that you found a buyer who wants to buy your home but they tell you that they only will do it if you make these particular changes by an established date, you can now do that and you can use your bridging finance loan to make the upgrades. Maybe they want the kitchen repaired maybe they want to see new floor boards put in or they want a new paint job and a few other things that they have mentioned. Now you can do that with your bridging loan and rest assured that you will be able to meet the obligations and sell your property.