Bridging loans can provide needed funds for people who have credit problems. Even for those that own a property, but have a poor credit history, getting financed can still be difficult. Lenders take one look at your credit history and say no quickly regardless of the fact that you own property. They only see your credit rating. So, what can you do if you are in this situation?
Bridging finance can get funds for those with credit problems quickly. If you have property that can be used as collateral, you can get such a loan. These loans are based on the value of your property. You can borrow up to 75% on property that you own completely. If you have a 1st charge on your property, you can borrow up to 65% of the equity. These funds can usually be available within one to two weeks of the time you request the loan. When you are in a funding crunch, these loans can swoop in and save the day.
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For those with bad credit, bridging loans can help them purchase a new home. Let us say you have had credit problems. You own a home right now, but want to buy another one. Traditional lenders will not look at you because of your credit history. An interim bridging finance can help you get your new home. You can use the loan to purchase your new home. Once your old home sells, you can then pay the interim loan with the proceeds of that sale. This allows you to by-pass traditional lenders but still get your new home. A new home purchase saved due to a bridging loan.
Bridging loans can be a boon to someone with bad credit. But they can also be a pitfall if you are not careful. If your poor credit is due to money issues, then this type of loan may be too much. Interest rates and fees on these loans can be very expensive. You need to be certain that you can pay the bridging finance off within six to twelve months. These loans are meant for short term financing needs, not long term. And there are risks involved with using your home as collateral. If you cannot pay, you could lose your home. Speak with a lending professional before you take a bridging loan. They may be able to suggest some other options for your personal situation. These loans are a good option for some, but not for others.
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