Who can use a bridging loan?
Bridging loans can be used by various individuals and businesses for multiple purposes. Here are some examples of who can use a bridging loan:
- Property buyers: Bridging loans can be used by property buyers who need short-term financing to purchase a new property before their existing property is sold. This can include individuals, investors, and property developers.
- Property developers: Property developers can use bridging loans to finance property development projects, including renovation, refurbishment, or conversion projects. The loan can cover the project’s costs until completion and can be refinanced with long-term financing.
- Landlords: Landlords may use bridging loans to purchase properties to add to their rental portfolio or to refinance existing properties to release equity and fund new investments.
- Homeowners: Homeowners can use bridging loans to fund home improvements, renovations, or extensions. The loan can cover the project’s costs until completion and can be refinanced with long-term financing.
It’s important to note that bridging loans may not be suitable for everyone, and borrowers should carefully consider their financial circumstances and need before taking out a loan. Borrowers should also work with a reputable lender or broker who can provide clear and transparent information about the terms and conditions of the loan, as well as any associated fees.
How can Sterling Commercial Finance Help?
At Sterling Commercial Finance, we’ve been helping businesses access funding for over 20 years. Get in touch with the team today to see how we can help your business.