Posts Tagged commercial mortgage

What are bridging loans? A bridging loan (or ‘bridge loan’) can be useful if you need to borrow money for a short period. It can help to ‘bridge the gap’ if you want to buy a new home before selling your old one. Or if you need to release cash for business purposes secured against u residential or commercial property. How does a bridging loan work? There are two types of bridging loan: ‘closed’ and ‘open’. Closed bridging loans With a closed loan, there is a fixed repayment date – you will normally be given this kind of loan if you have exchanged contracts but are waiting for your property sale to complete. Open bridging loans With an open loan, there is no fixed repayment