Bridging loans from Kennet Equipment Leasing
12 July 2017
Bridging loans are a short-term funding option.
They are used to 'bridge' a gap between a debt coming due - and we're talking primarily about property transactions and the main line of credit becoming available. Or they can simply act as a short-term loan in pressing circumstances.What are bridging loans and how do they work?
Bridging loans are designed to help people complete the purchase of a property before selling their existing home by offering them short-term access to money at a high-rate of interest.
As well as helping home-movers when there is a gap between the sale and completion dates in a chain, this type of loan can also help someone planning to sell-on quickly after renovating a home, or help someone buying at auction.
As banks and building societies have grown more reluctant to lend in the wake of the financial crisis, there has been an influx of bridging lenders into the market.
For more information call Russell Caulfield, on 01675 469251 Or email Russell.caulfield@kennet-leasing.co.uk
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