Bridging loan
A bridging loan is a loan that you can use to buy a new property before you sell your existing one. A bridging loan covers the gap between the purchase of your new property and the settlement of your old property.
A bridging loan lets you borrow up to 80% of the combined value of your new and old properties for a short term, usually up to 12 months. The interest rate can be fixed or variable, depending on the loan type.
A bridging loan can help you secure your new property without waiting for your old property to sell. It can also help you avoid renting or moving twice, and save on stamp duty and other costs.
But a bridging loan can also have some risks, such as higher rates, fees and charges than regular home loans. It can also increase your financial stress and risk if you don’t sell your old property within the agreed period or for the expected price.
At Enlighten Finance, we offer bridging loans for various purposes. We will compare and negotiate for you to find you the most competitive deal for your situation.
We will handle all the paperwork and communication with the lender for you, and keep you updated throughout the process. We will also provide ongoing support and advice for your loan.
If you need a bridging loan for any reason, contact us today for a free consultation. We will help you find the best bridging loan for your situation.