Selling your home can be a difficult endeavor. And it's almost always guaranteed that you will run into some issue that causes a roadblock in the process, especially when you are already in the market searching for a home. A roadblock can turn from bad to worse when you do find that perfect home you want to purchase as your second home and your existing home is still sitting on the market unsold. In a situation like that when you need the money quickly and need to purchase the property immediately, one possible option you can consider is bridging loans.
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These loans are especially preferable because on a home equity loan, many lenders will want to wait until the current home is sold before they will lend on a home equity loan. Home equity loans are usually less expensive, but the advance that appeals to most property owners is that these types of loans can be secured immediately. This flexibility is what makes these loans appealing in a situation where financing is needed quickly.
A bridging loan is a short-term loan that is used in both residential and commercial property transactions. Typically this type of loan is used when the individual or company needs to secure a loan quickly to pay for an existing property, before they can purchase a new property. In the purchase of the new property, an individual or company is usually at the stage where they have already made the decision to make the purchase.
In order to qualify for bridging finance, these loans usually use your current unsold property as collateral and for a certain period of time you will have to make payments on two homes at the same time. There must be an adequate amount of equity in the property for it to qualify for this financing option. And In the future, when the unsold property does actually become sold, the profits from that transaction will be used to pay off the loan.
There are a few other items to note about going with this option. Because the new property is to be purchased immediately, these types of loans have a quick approval turnaround time of around 24 hours since most property transactions are pretty quick and can take around 30 days.. Even those homeowners who have bad credit history and are considering this option may also qualify. The lender will usually want to see the mortgage offer on the new property and also proof that your current home is on the market. Twelve months is around the maximum limit for repayment.
So if you're stuck in a rut where traditional options aren't the answer, that's where bridging loans might be the answer. If you decide that going the route of securing a bridging loan is the best option, you can find several lenders who specialize in these types of loans. Contact an experienced lender who specializes in bridging finance and you can quickly be on the road to being that much closer to purchasing that second property.
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