foamposites for cheap Residential Bridging Loan: Avails A New Home Instantly
Posted Jun 20 2013 2:17am
Residential bridging loan comes to your rescue in situations when you are short of money barkley shoes for sale. Residential bridging loan is a secured loans where a valuable like home, land, estate, commercial and residential property has to be kept as collateral.
The new property you intend to buy can also act as collateral lebron 9. The loan amount depends on the equity of the collateral pledged.
A property with a very high equity can fetch a very large amount of loan Scottie Pippen shoes. The repayment term of residential bridging loan is very short ranging from 1 to 12 months.
Within this stipulated time period you have to sell your existing property and pay back the loan foamposites for sale. Two types of residential bridging loan are available depending on the status of the property deal.
You can get a close end residential bridging loan if you have already sold your property. In case you are still to sell the existing property, then the residential bridging loan will be an open ended one. Being a short term loan, residential bridging loan has slightly higher rate of interest. But the best thing about this loan is that it is an interest only loan. You have to pay only the interest during the tenure of the loan and the principle amount can be paid at any convenient time or when the deal is finalized.