Bridging Loans Directory
- Unsecured Loans
- Secured Loans
- Bad Credit Loans
- Debt Consolidation
- Car Loans
- Tenant
Loans - Business
Loans - Student
Loans
Central Capital Loans
Search over 350 loans with Central Capital
www.centralcapital.com
Debtbuster Loans
A quick, easy and free search of 100s of loans
www.debtbusterloans.co.uk
Experian Credit Report
Get a free credit report and 30-day free trial of CreditExpert. With CreditExpert you get unlimited access to your Experian credit report and you know your credit history before you apply for credit. CreditExpert is the only credit monitoring and identity fraud protection service of its kind, it\'s simple to use and it\'s free for 30 days.
www.experian.com
ACF Car Finance
Whatever your situation Approved Car Finance can help you. Easy on-line application gets you on the road sooner. Get £350 cash back and £1,000 minimum part exchange PLUS a £20 Cinema voucher. Hurry, offers end 31st October 2005. 100\'s of cars in stock at branches nationwide. Apply online, drive away same day.
www.approved-car-finance.info
Barclayloan Plus
Whether your looking to buy a new car, do some DIY or consolidate your debts, you can now take advantage of their unsecured personal loans As you’d expect, they’re offering a great rate of 8.9% APR typical - but that’s not all. If you’re buying a car or other motor vehicle, they also have some great additional offers that will keep you on the open road.
www.barclays.co.uk
Lombard Direct
Their unsecured internet loans range from £7,500 to £14,999, with a typical 7.8% APR. Rates reflect your circumstances and loan amount and you can be safe in the knowledge that you\\\'re with an award-winning provider. Their interest rate stays fixed over the loan period, which can be up to 7 years.
www.lombard.co.uk
Tenantloansuk.com
They welcome applications from private tenants, housing association tenants, council tenants and armed forces tenants. They can source unsecured loans, from £250 to £25,000, for any purpose.
www.tenantloansuk.com
Halifax Loans
Borrow up to £25,000 with our personal loan. Our rate on loans over £7,000 is 7.8% APR Typical and there are no repayments for the first three months. Apply online and you can get an instant decision,and a cheque could be delivered to your door within 24 hours.
www.halifax.co.uk
Alliance and Leicester Loans
Alliance & Leicester’s low loan rates, just 7.7% APR Typical for loans £7,500 to £15,000. Choose to pay up to 5 years and get the security of fixed monthly payments. Apply now and get a decision in minutes.
www.allianceandleicester.co.uk
Marks & Spencer Car Buying Plan
Get more car for you money with the Marks and Spencer Car Buying Plan. Borrow from £10,000 to £25,000. Defer up to 60% for lower repayments. Choose from a range of fixed payment options. Low typical 8.9% APR and no deposit.
www6.marksandspencer.com/
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Bridging Loans
Bridging loans are a form of short term lending designed as a temporary cash flow solution for businesses and those buying property. They are typically used to 'bridge' the deficit in funds between the sale of one property and the purchase of another and involve remortgage of the original property (usually any amount up to 65% its value minus any outstanding mortgage amount) to fund the new purchase.
To enable completion on the new property as quickly as possible, after an application has been made and a valuation carried out on both properties, funds are usually made available within a week. However, as bridging loans are a short term solution and are less secure from a lenders point of view, interest rates do tend to be elevated beyond regular mortgage rates. For this reason a bridging loan should only really be considered if sale of the remortgaged property is likely within a period of approximately 6 months. As with other types of borrowing, the interest rate charged will be based on your personal circumstances and the amount borrowed and will vary between lenders.
Although the term of a bridging loan is agreed prior to lending, this period can be extended if needs be. For this reason many lenders charge interest on a percent per month basis, so the longer the loan term, the more interest you pay. There is also likely to be an arrangement fee charged which can be a fairly significant amount.
If the contracts for both properties have been exchanged and you are simply waiting for the transfer of funds, you are likely to be eligible for a closed bridging loan. These are preferential both from a lenders and borrowers perspective as fewer sales fall through at this stage so lending is less risky. For this reason closed bridge loans are likely to attract lower interest rates. However, if you are fairly confident that completion will occur in a very short period of time i.e. under a month, then you may be best to choose a bridging loan with a low arrangement fee as you won't be paying interest for an extended period.
Open bridge loans are likely to attract a higher rate of interest as this form of borrowing occurs when an offer has been made on a new property prior to putting the existing property up for sale. These are seen as more risky by loan providers as they are statistically more likely to fall through. As these types of loans tend to be over a longer term, a company offering lower interest rates would be preferable.
Providing you have a strategy in place to cover the possibility that the sale or purchase of one of the properties may fall through, funds to cover interest payments and confidence that both sales will have completed within a short term period, bridging loans can be an incredibly convenient way to close the gap between the purchase of a new property and the sale of an existing one.
