When some urgent requirement of money arises, you may think about selling your ideal property to cater that requirement. That’s a good decision to get money out of your own sources rather than getting bound with debts and repayments for so many years. But the process of sale is much longer and your requirement may not wait for that long so at such time you can rely on a short term bridging loan. Short term bridging loans as the name suggests act as the financial bridge between the requirement of the borrower and the sale proceeds of his property.

With a short term bridging loans you can go for amounts ranging from £27000 to £2 million or more depending upon the requirement and policies of the lenders. These loans short term loans and carry a higher rate of interest. So now you may be troubled about will bear such rate but you don’t have to worry about it. These loans give you an option to only pay the interest till you get the sale money out of which you can pay the principle amount for the loan. The repayment period for such loans can go up to 1 year but it’s better to repay the loan as early as possible.

There are lot of short term bridging loan lenders offering you money at different rates and terms. You just need to find that one lender which can serve you the best way out of the rest. For that you can rely on the internet where large number of quotes can be available to you to compare easily with the help of online comparison tools, debt and repayment calculators. But there is something which you need to be alert of and that is frauds and loan sharks so always go for trusted and genuine lenders.

Short term bridging loans are classified into two types: open ended and closed ended bridging loans. Both are same but the only thing which differentiates is that where Short term bridging loans accepts the following properties as the collateral for the loan:

•Residential Properties

•Commercial & Semi-Commercial Properties

•Auction Properties

•Development Sites

•Buy to Let Properties

•Retail Shops

•Land with planning permission

Short term bridging loans are becoming popular among borrowers because of their faster approval for bigger amounts. It takes hardly 3-4 days to get the loan amount. Also these loans can be used for any purpose of the borrower including buying commercial or residential properties (i.e. home or real estate), overseas property, traveling or debt consolidation or any other personal usage. All these features make a short term bridging loan suitable for most of the borrowers.