Residential Bridging Loan: Avails A New Home Instantly by:Eva Baldwyn
More often than not, cash shortages occur while buying a new property
. You don't have sufficient fund to strike a new deal and the opportunity seems to slip out of your hand. You also intend to sell an existing property but searching for buyers. Residential bridging loan comes to your rescue in situations when you are short of money.Residential bridging loan is a secured loans where a valuable like home, land, estate, commercial and residential property has to be kept as collateral. The new property you intend to buy can also act as collateral. The loan amount depends on the equity of the collateral pledged. A property with a very high equity can fetch a very large amount of loan.
The repayment term of residential bridging loan is very short ranging from 1 to 12 months. Within this stipulated time period you have to sell your existing property and pay back the loan.
Two types of residential bridging loan are available depending on the status of the property deal. You can get a close end residential bridging loan if you have already sold your property. In case you are still to sell the existing property, then the residential bridging loan will be an open ended one.
Being a short term loan, residential bridging loan has slightly higher rate of interest. But the best thing about this loan is that it is an interest only loan. You have to pay only the interest during the tenure of the loan and the principle amount can be paid at any convenient time or when the deal is finalized.
To get residential bridging loan at cheap rates you can go online. You can ask for quotes from numerous lenders available and compare them. You can also make use of loan calculators to estimate the cost of the loan at the end of the term. This way you will be able to find rational deals to fulfill your desires.
About the author
Eva Baldwyn aims to inform common men and women of the several issues involved in personal loans and mortgages through her articles. To find Residential Bridging Loan, bridging loan, commercial bridging loan, personal bridging loan visit http://www.easybridgingloansuk.co.uk Set Yourself Free With Debt Management Help by:Gracie Bishop Set Yourself Free From Debts With A Debt Consolidation Loan by:Gracie Bishop Are You Wondering If You Have What It Takes To Make The Dough From Home? by:Paul McBride Invest In Yourself - Your Career, Future Income Stream, Education And Training by:Maxwell Z. Rubin Starting a Home Based Internet Business Part 1 the First Step by:Dana Lind The New Cabin Park Model Mobile Homes With Lofts by:Jamie Jake Home Interest Tax Savings Are Always Overestimated by:Lawrence Roberts How to Succeed with a MLM Business Opportunity and Make Money from Home by:Warren Franklin Passion: A Key to Your MLM Home Based Business Success by:Warren Franklin Home Business Taxes - Give Yourself a Raise by:Ron Sedlak How to Handle a Home Sale If You Owe More Than the Home is Worth by:Patricia Payne What Should I Do Now to Protect Myself in Case of Income Loss? by:Patricia Payne Starting A Home Based Popcorn Business by:Tony Castle