Auctions can be a thrilling experience but without immediate access to the necessary funds, you could be forced to pass up on the property. With a bridging loan, you can bid with confidence knowing you will not lose any deposit fees and can see through buying the property.
Bridging loans are simple, short-term loans that cover an auction purchase or the deposit due after making a winning bid. It means that you can walk away from the auction room with a new property, either paid for in full or with the deposit covered, while you wait for your main funding to come in.
If you’re selling a property to fund the purchase or waiting on a mortgage, a loan can give you up to 18 months to get your funding rather than one.