First lets look at what construction bridge loans are and what you need to look out for when shopping around. One of the main factors is the cost plus whether the finance can fix your property problem.
Let us now explore various times when you may need a business bridge loan. Below are some bridging loan examples.
Situation 1 – Purchasing a property at auction – With land and property auctions it is normal that transfers of funds take place very shortly after an auction ends. If you have no commercial mortgage or loan in place then bridging finance is a perfect short term solution.
Situation 2 – Venture capital – Many entrepreneurs us this type of credit to take advantage of deals where money is needed now not in a couple of weeks. Because of the speed that these loans can be arranged in they are perfect for this type of application.
Situation 3 – Any legal reason – If you have another use for commercial, domestic or any reason whatsoever then you’ll be glad to know that you can use this type of credit for any reason provided that it is legal.
Many people don’t apply for construction bridge loans because they expect to be rejected, or have already been turned down by their bank or building society. You may be surprised though as we can accept applications from applicants with County Court Judgements.
One of the main concerns for people is the cost, however for a loan for the total amount of £100000 at a rate of 1% per month would cost you £1000 for a 1 month period. However rates can be offered at lower or higher rates.
For more information and many more articles visit Bridge Loans
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