2nd May 2018 | By Ben Lloyd Who is Eligible for Bridging Finance? How Long is the Average Bridging Loan Term for? Finding yourself in between incomes can be a difficult thing to swallow, and while you wait many a deal could fall through or you could find yourself at a temporary loss. In these types of situations, a bridging loan can be the perfect temporary solution. If you’re unsure as to whether your circumstances fit the criteria then take a look at our bridging loan breakdown below. Uses for Bridging Loans 1. Meeting Transaction Deadlines Traditionally banks and lenders can take a little bit longer than we wish with approving some loan transactions, and in the world of definite deadlines this is time many of us can’t afford. Thankfully, bridging loans can be approved within a number of days, meaning your deadlines will be met and neither you nor your business is left out of pocket as banks dot their Is and cross their Ts. 2. Chain Break Finance It can be incredibly frustrating when a property chain breaks just as the final aspects of the deals are being ironed out. Thankfully, bridging loans can be used to cover your finances while you find a new buyer for your home. Meaning you can go ahead and purchase your new investment, find a tenant and relish in financial security as you await the sale of your previous endowment. 3. Property Auctions Auctions can be a place of opportunity and spontaneity, and while this is both exciting and adventurous it can often mean that properties can be purchased without the buyer having a mortgage agreement already in place. However, when this does happen, you don’t have to miss out on your perfect place because a bridging loan can cover the costs until the bank can approve your mortgage. 4. Property Refurbishment If your property is in need of a refurbishment, then many high street lenders may be reluctant to help out. Thankfully a bridging loan can cover these costs and be repaid upon sale. Alternatively, refurbishment finance can help. Learn more here. 5. Landlords Looking to Expand Building a property portfolio can be an expensive process, and many landlords are reliant upon rent when it comes to purchasing further properties. However, to those not willing to wait, a bridging loan can help your expansion and be repaid by refinancing on to a long term solution, such as a buy-to-let mortgage. If you do find yourself slotting nicely into one of these categories, then a bridging loan is most definitely a viable option for you and/or your business. If you’d like to learn more about how finance can help you, take a look at a few of our posts below.