Amounts: Max 6 million
Speed of Funding: 24 hours
Terms: a few months
Repayments: On transfer of the sold asset
Interest Rates: 3-4% per month
What is a Property Bridging Loan?
You have successfully sold a property and awaiting the deal to pull through but your cash flows cannot wait for the transaction to be concluded. In a nutshell you are borrowing against a sold asset.
Lenders offer up to 75% advance on the value of the sold property after deducting bond and all transfer costs. The proceeds can be used for working capital, deposit on the next property etc.
The loan would be settled when the sold asset has is transferred to the buyer.
Each application is assessed on its own merits