A Bridging is used to cover shortfalls between buying one property and selling another. A great example of when you might need a bridging loan would be if you're in the process of buying a new home but are let down on the sale of your existing one. It is also commonly used when purchasing a property at auction.

A bridging loan is basically a very short term mortgage and like a mortgage, it's a loan that is "secured" against property.

Bridging loans can be used for reasons other than buying and selling property and some of these are detailed below:

Holidays - the dream of a lifetime
Weddings - the wedding you always wanted for your children
Cashflow - when you need some cash urgently
Inland revenue - for those unexpected payments
Business capital finance - when funds are required for a short period of time
Development finance - for building residential and commercial units
Land purchase - with and without planning permission
Overseas Property - for commercial, residential and holiday properties

If you would like to discuss your options these please contact Firstxtra now.