Open bridge loans are a great option for a lot of people. Find out everything you need to know about these loans and see they may be right for you.
When you want to buy a home but haven’t yet sold yours, you may think that you won’t be able to get the home of your dreams, but with the help of an open bridging loan, you can make an offer and buy the home that you’ve always wanted even without a contract on your current home. At Bridginfinance.com, we understand the importance of getting the money you need when you need it, which is why we offer open bridging finance for our clients.
Open ended bridge loans work by providing the borrower with money to buy a new home based on the value of the home that they currently owe. Once the borrower sells their current home, they will use that money to pay back the loan. The open bridging loans definition means that there doesn’t have to be an offer on the current home to get this type of bridge loan. Of course, since there is no end date in sight for when the loan will be repaid, the lender assumes more risk and will charge more interest to the borrower to offset this risk.
If you think that open bridging loans are right for you, then you will first want to call and talk to one of our experts about your needs. We will make sure that this is the right type of financing for your needs. Lenders need to know how you are going to pay back the loan, especially if your current home doesn’t sell in a timely manner. Having great credit, proof of employment and income, and information about your debts are also important. While there is more risk with open bridging finance, these loans can usually be completed and funds dispersed within a few weeks.
An open bridging loan can help you buy the home that you want even if you haven’t been able to sell your home yet, and should be considered as a great option to finance your move and new home purchase. Because open bridging loans are available even if you do not have a contract on your home, they make it possible for all homeowners to get the funds they need even if they are having problems selling their home. Of course, a payback plan is important before any lender will consider offering open bridging finance, which will help to ensure that the money is paid back.
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