Other Financial Services
Bridging loans are used to ‘bridge’ a gap between a due debt and a main line of credit becoming available. These types of loans are meant as a short-term funding option.
Bridging loans are popular to help people complete the purchase of a property before having sold their current home. In essence it is short term access to money at a high rate of interest.
Other uses for bridging loans include helping someone planning to sell-on quickly after renovating a home or helping someone buying at an auction.
If you are considering a bridging loan do seek the help of an expert, an FCA broker, who as well as finding a suitable deal will also ask you about your exit strategy for the loan.