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Bridge loans can help borrowers move from one home to the next, but they can be dangerous. A bridge loan usually runs for six-month terms and is secured by the borrower’s old home.
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How do bridge loans work? – Quora – A bridge loan is a short-term loan used until a person or company secures permanent financing or removes an existing obligation. Bridge loans help in bridging the gap between short-term cash requirements and long-term loans. These loans are normally extended for a period of 12 months.
Bridging Loans for Mortgages | Which? Mortgage Advisers – Bridging Loans. A bridging loan or bridge loan is a short term loan given to ‘bridge the gap’ between you buying a new house and selling your previous house. Bridging loans can also be used as a short term loan to help you buy a property at auction, where you’ll need the money immediately but may not have sold your current property yet.
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Bridging Loans | What Are The Pros And Cons? – Do you need a bridging loan? Bridging loans are a great option if you need to move quickly to buy a property. Like any other home loan though, it’s not a debt to be taken on lightly and it pays to speak to a professional mortgage broker so they can provide the right recommendations to you.
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