Overcoming Short Term Financial Problems with Bridge Loans
Any business is likely to experience short-term financial or cash flow problems. A bridge loan may be a viable option for you and your business if you are facing this issue.
What is a bridge loan?
Bridge loans are short-term loans that can be used to overcome short-term financial problems. A temporary loan is usually taken out by businesses and individuals facing temporary financial difficulties. A bridge loan can cover costs associated with your current financial situation, such as supplier invoices, rents, or bills.
It can also help overcome other short-term financial issues, such as the need to release funds quickly to fund new projects or research.
In some cases, a Bridge Loan can enable the buyer to negotiate a better price on a property by becoming a cash buyer.
Bridge loans: how do they work?
Bridge loans are short-term loans that help to alleviate short-term financial problems. Bridge loans are typically used to purchase new properties, but they are also helpful for other purposes, such as;
- Funding for new projects
- Paying off suppliers
- Enhancing workflow capabilities
- Extending properties
Bridge loans are short-term loans with interest repaid over a specified period of time. Typically, this is between 3 and 6 months, though you may be able to extend the deal at the end of the current loan period.
Bridge loans offer several benefits.
It is a short-term, high-interest loan that can help you overcome short-term financial difficulties. Benefits of a bridge loan include:
Purchase a new property before selling an old one – A bridge loan can enable you to buy a new property before selling an old one. You can utilize this type of loan if you are experiencing short-term financial difficulties and need to buy a property quickly in a desirable location.
Getting access to funding quickly and easily – Bridge loans provide easy access to funds when you need it.
Peace of mind – A bridge loan gives you peace of mind by providing you with quick and affordable funding in case you need it.
No problem if you have a bad credit score – Bridge loans can be an option if your credit history prevents you from qualifying for a traditional loan. You might qualify for a Bridge Loan if your existing property has enough equity to guarantee the loan.
How does a bridge loan calculator work?
A bridging loan calculator can show you how much you can borrow, how much interest you will pay back, and over what period you will pay it back. Ideally, an excellent bridging calculator will take into account all property values and mortgages, and charges against the current properties. Using a bridging calculator like this will allow you to see how much you can borrow, how long you will need to repay it, and over what period you will repay it.
Applying for a bridge loan
A bridge loan could not be easier to apply for. Fill out the application form on www.bridge-direct.com after determining how much you need and for how long, along with the mortgage amounts held against the property and any charges incurred. One of our decision-makers will contact you directly to provide you with an instant free decision when you fill out the form.
Can I get a bridge loan anywhere in the UK?
Finding a short-term bridging loan online can be arduous and stressful. Many brokers can offer great rates online, but because they are not direct lenders, this process may take a lot longer than with a lender who has direct access to funds.
Bridge Direct is a direct lender lending to businesses throughout the UK and will consider bad or adverse credit. Listed below are just a few reasons why businesses return to Bridge Direct for their bridging loan needs time and time again:
- No middlemen – direct access to funds
- Instant decisions with no credit search required
- No matter what your circumstances are, they will consider a loan for you
- No proof of income required
- Adverse credit considered
- Interest rollup available
- Forty years of lending experience in the mortgage and financial services industry.
- Loans from £30,000 to £3 million
- Speak to the decision-maker
- 1st & 2nd charges available
- Each deal assessed on its merits
- No set criteria
Once you complete the online form, a decision-maker will contact you directly with an instant decision. Regardless of your financial situation, Bridge Direct may have a bridging loan solution for you!
Alternatively, you can call 020 3126 4969 to speak to a decision-maker.