Commercial bridging loan is known as the fastest way of funding your immediate funds requirement for your business. It can give you the quick access to cash with minimum of formalities. The basic principle of a commercial bridging loan is to bridge the large financial gap for a short term. This happens when you sell your existing property to serve your commercial purpose. But as we know that selling a property is a time consuming job and commercial needs are urgent. You can’t put them on hold; else it can affect your business adversely. Commercial bridging loan steps in here for your help.
Commercial bridging loans are of two types. Depending upon the status of sale of your existing property, they are classified as open-ended or close ended. But that doesn’t affect the features which such loans offer. A commercial bridging loan is secured and a first or second charge will be taken against new or existing property or can be combination of both. Following are the securities or properties which can be used as collateral for a commercial bridging loan:
A commercial bridging loan offers you amount ranging between ₤27000 to ₤100000 and more depending upon the collateral offered. Lenders usually offer up to 70% of the value of the collateral. As the loan is secured, you can apply for such loans irrespective of your credit status. This allows people with bad credit score i. e.defaulters, arrears, CCJ’s and IVA’s etc to easily apply for the loans.
You can use the commercial bridging loan amount to buy office buildings and shopping centers, automobile dealerships, manufacturing facilities, commercial real estate, paying salaries and creditors, urgent working capital requirements, purchasing raw material, miscellaneous requirements.
To apply for a commercial bridging loan, you can log on to dozens of internet websites and apply for such loans. People often believe that it is not safe to give your personal information on internet as anybody can misuse it. But the presence of data protection act ensures that your details are kept confidential. So you can select a commercial bridging loan deal and apply for it by filling a simple application form. The application process takes is quick and you may get the approval just in 3 to 4 working days or even lesser depending upon the circumstances.
Commercial bridging loans are for short term and should be repaid on the agreed date. These loans are an interest only loan, which means that you only have to make monthly interest payments till you get the sale proceedings of your property. The principle amount is paid out of that money. This makes a commercial bridging affordable in any situation giving you quick monetary support.
Celeste Parker has been associated with Debt Consolidation Management. Having completed her Masters in Finance from Cranfield School of Management. She provide useful advice through her articles that have been found very useful. To find Commercial bridging loans , secured bridging loan, cheap bridging loan, bridging loan uk, bridging loan advice visit http://www.baddebtbridgingloans.co.uk