Bridging Loans
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. 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.
There are two types of bridging loan, closed and open. With a closed loan there is a fixed repayment date – you will normally be given this kind of loan if you have exchanged contracts but are waiting for a property sale to complete. With an open loan there is no fixed repayment date, but you will normally be expected to pay it off within one year.
Whatever the reason you need access to finance quickly, Street Associates will be happy to discuss with you whether a bridging loan is the right solution – or if another option might suit you better.
Please note not all Bridging Loans are regulated by the FCA.