Residential Bridging Loans Helping You Own That Perfect

Loans It is possible to buy a new home before the sale of your old one has been finalized. Such a near-miracle can be achieved with the help of residential bridging loans. Residential bridging loans are short term secured loans that can be taken when you want to buy a house or property for residential purposes. You only need to pledge a high value asset against the loan. In most cases, people provide the new house or property they are considering to buy as collateral. But it is also possible to do the same with your existing property. You can avail a residential bridging loan under two options. These options are based on the status of the sale of your current house: * Closed residential bridging loans This type is available if you have already struck a sale deal of your old house with a buyer. * Open residential bridging loans If you havent found a buyer as yet or are yet to .plete the sale process, then you may opt for this form of residential loans. The interest rate might be a little higher in this case. Since residential bridging loans are concerned with projects that require a huge amount of capital, they can really fetch you munificent loan amounts. Although the exact amount depends upon the equity value of your collateral and your requirements, these loans have the ability to provide any sum in the range up to 10, 000, 000. Regarding repayment, these loans have unique terms and conditions. You are required to pay only the interest during the repayment period which spans 12 months. You can return the principal amount after this period is .pleted. Many lending policies also allow early repayment as and when you .plete the sale process of your existing property. In that case, you can pay off the principal along with the interest payment of that particular month and be done with it. Residential bridging loans are beneficial because they aid you with sufficient financial backing. They are also approved swiftly so you dont have to worry about losing out on the property/ house of your choice. However, they tend to carry high interest rate so shop for cheaper rates through a .parison of lenders quotes. About the Author: 相关的主题文章:

Comments are closed.