When looking at purchasing real estate you will know that not just any loan will cover the costs that come with this type of purchase. Most people will sell their old property and use this money to purchase a new property, but the sale and purchase don’t always coincide with each other. You are more than likely going to want to purchase a new property before your current one has sold. This means you are going to need a loan, most people will turn to mortgages but these can take a long time to be approved.
A bridging loan can help you if you are caught up in this situation. Once you have applied for a bridging loan you can be approved and the money in your account within days and it usually lasts between 2 weeks to 1 year. The interest rates on a bridging loan are higher than most due to it being short term and they do carry a higher risk for the lender. The interest will be paid monthly and then the full loan amount will be paid back when you have the money too, this will normally be when you have sold you old home.
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