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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
A bridge over troubled financial waters
Article Category: Debt Management Help and AdviceA bridging loan can help someone with short-term financial troubled waters, according to a financial information magazine.
Lee Tillcock, editor of Business Moneyfacts said that this type of loan, which enables property-buyers to purchase another house before selling their old home, could also be used by property developers looking to acquire something quickly.
He said that investors purchasing at auction have often used bridging because they are required to complete within a few weeks of a successful bid - conventional mortgages are sometimes unworkable in these situations.
Mr Tillcock added: "Bridging finance is ideal for any situation where funds are required quickly and for short periods.
"Indeed in an environment where credit is harder to secure, bridging finance can perform an ever more important role, providing short-term solutions while that ever-more-elusive long-term mortgage is finalised."
Bridging loans should only be considered for short-term funding.
If smaller, non-mortgage size amounts are required for longer periods, then a low-rate
personal loan is often considered a better route to take.
For more information on debt management call our advisors on 08000 122 188 for FREE, no obligation help and advice. Created on 21/02/2008 12:31:49
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