Q: Is getting a bridging finance a good idea?
A: Yes bridging finance is great option if you require cash. Rates are also low on payment.
Q: Do you need to put down a deposit for a bridge loan?
A: No you do not need to put down a deposit. It is cash loan like any other.
Q: Can you get a 100% loan for bridge loans?
A: No, a bridge loan does not cover 100%, it will cover 75% – 80% of what you are asking for.
Q: What is the interest rate on a bridge loan?
A: The interest rate is based on company. It is advised to ask what they charge for interest rates.
Q: How long does it take for a bridge loan to be approved?
A: A bridge loans can take up to 48 hours to approve. An application form will need to be filled out and processed first.
Q: How long does it take for the money of a bridge loan to be paid out?
A: It depends on the company some bridge loan companies can take up to 72 hours or a week and some have a turnaround time of 24 hours.
Q: Can you use a bridging finance to buy a home?
A: Yes you can buy a home using bridging fiancé or loan.
Q: How long is a bridging loan be taken out for?
A: Bridging loans are short term loans and the loan would need to be paid within 12 months.
