Fast Money The Easy Way
Monday, October 09, 2006
When a sudden, urgent need for money pops up, you may be tempted to sell your ideal property to deal with it. It’s a good decision to get money from your own sources instead of getting bound with debts and repayments for years. But the sale process is a long one, and your needs may not wait that long, in which case a short-term bridge loan may just be the way to go. Bridge loans act as the financial bridge between the requirements of the borrower and the sale proceeds of his property.
With a short-term bridge loan, you can go for amounts ranging anywhere from $1 million up to $100 million or more, depending on the requirements and policies of the lender. These short-term loans carry a higher rate of interest, however. But, lest you trouble yourself about how you can swing such a rate, don’t worry yourself unduly. These loans give you an option to pay only the interest until you get the sale money, out of which you can pay the principle amount for the loan. The repayment period for such loans can go up to three years or more, but it’s always better to repay the loan as early as possible.
There are a lot of bridge loan lenders offering you money at different rates and terms. You need to find that one lender which can serve you best, one that will work with you on a personal, ‘custom-made’ level. One place to go for that one ‘perfect’ lender is the Internet, where large numbers of quotes are available for you to compare easily, using online comparison tools, debt and repayment calculators. But be alert for frauds and ‘sharks’, and always opt for the established, trusted, genuine lenders.
Short-term bridge loans accept the following properties as collateral for the loan:
•Residential Properties
•Commercial & Semi-Commercial Properties
•Auction Properties
•Development Sites
•Buy to Let Properties
•Retail Shops
•Land with planning permission
Bridge loans are popular among borrowers because of their faster approval for larger amounts. It can take less than five days to get your money, and these loans can be used for virtually any purpose, including buying commercial or residential properties, overseas property, traveling, debt consolidation, or any other large, personal usage. All these features make short-term bridge loans suitable for a large percentage of borrowers.
With a short-term bridge loan, you can go for amounts ranging anywhere from $1 million up to $100 million or more, depending on the requirements and policies of the lender. These short-term loans carry a higher rate of interest, however. But, lest you trouble yourself about how you can swing such a rate, don’t worry yourself unduly. These loans give you an option to pay only the interest until you get the sale money, out of which you can pay the principle amount for the loan. The repayment period for such loans can go up to three years or more, but it’s always better to repay the loan as early as possible.
There are a lot of bridge loan lenders offering you money at different rates and terms. You need to find that one lender which can serve you best, one that will work with you on a personal, ‘custom-made’ level. One place to go for that one ‘perfect’ lender is the Internet, where large numbers of quotes are available for you to compare easily, using online comparison tools, debt and repayment calculators. But be alert for frauds and ‘sharks’, and always opt for the established, trusted, genuine lenders.
Short-term bridge loans accept the following properties as collateral for the loan:
•Residential Properties
•Commercial & Semi-Commercial Properties
•Auction Properties
•Development Sites
•Buy to Let Properties
•Retail Shops
•Land with planning permission
Bridge loans are popular among borrowers because of their faster approval for larger amounts. It can take less than five days to get your money, and these loans can be used for virtually any purpose, including buying commercial or residential properties, overseas property, traveling, debt consolidation, or any other large, personal usage. All these features make short-term bridge loans suitable for a large percentage of borrowers.
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