When you buy a new property, what you are required to do is to put in some money for a down payment. Most of the people apply for a mortgage, but the problem that arises is that it takes around ninety days of time for the overall process to get completed. At that point of time, what you can opt for so as to make everything go smoother, is bridging finance. There was a time when short term bridging loans were used mostly by the landlords and property developers. But with the changing time, this has also experienced change, and now home buyers also widely opt for bridging loans. The reason why even home buyers are going for this is because obtaining the bridging finance are quite easy. The process of loan application is completed in a way lesser time than anything else, and the amount of loan is credited to the account in a shorter period of time. Once you go for this, it will help you to quickly proceed with buying of the new property as you will be able to make the down payment. In fact, this way, you will not have to compromise with the property that you want to buy, or which has been a dream for you.
If you want to sell out property in another six months or so, then you let the lender know that you start repaying the bridging finance once this period is over. You also get the chance to pay interest as well as the entire amount of loan after the period of six months. But, if the home sale takes place a bit earlier, then you can get over the amount of loan much faster and keep away the hassle of paying interest.
If you are confused about choosing the lender, then you do not have to look further than Empire Commercial Finance. An independent commercial mortgage broker, Empire Commercial Finance deals with small to medium sized businesses all through the UK. They have a team of professionals who have intense knowledge and experience in business and commercial lending.
For more information, please visit http://www.empirecommercialfinance.co.uk/