Bridging Finance
Bridging Finance
A short-term loan often used to cover a finance gap between the purchase of a new property and the sale of an old property. You may have found your dream home but have not yet managed to sell your existing property. Without the proceeds from the sale of your current property, how can you afford to buy the new one? Bridging Finance allows you to purchase a new property and bridge the gap between buying your new property and selling your old property.
Often you will be required to sell the old property within 6-12 months depending on the lender. Typically you pay an interest premium for this service however it is often worthwhile to do when you are set on purchasing the new house and there is no other alternative.
A number of our lending panel offer bridging finance and each loan is normally customised depending on your situation.
For more information please contact us on (02) 8014 4288 call Mike on 0411 222 551 or fill out our contact form.
