What is a Bridging Loan?
It’s always good news that you and your family are moving into a larger apartment / home.
This might mean a bigger living area, more rooms, lush toilets, a kitchen island, a giant fridge or simply living on higher ground.
However, even if you have successfully found a buyer for your current home, you might not receive payment until months later.
During this period, you will need to make your down payment of 20% purchase price for your new home. Without the sale proceeds from your current home, it may be tough to secure the funds.
Where then can you procure the funds needed for your down payment?
A bridging loan is a form of housing loan that provides you with the necessary funds required to meet your immediate cash flow needs, while you wait for the sales proceeds from your current home. In essence, it is used to “bridge the monetary gap” between your current and new home.
Fretting over down payment fees? Upgrading your house just got a whole lot easier with Lending Bee’s bridging loan.
Benefits of a Bridging Loan with Lending Bee®
Our bridging loan stands out as we provide our borrowers with a wide range of unique benefits.