Hide Cross to the Bridge Loan Agreement and eSign it in minutes

Aug 6th, 2022
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How to Hide Cross to the Bridge Loan Agreement

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are you looking to buy a new home but scared about selling your current house before buying the new one well we have an awesome bridge loan product here at hugo home financial where you can eliminate that contingency on your purchase agreement of the sale of your new home we do a bridge loan which means you can take some of the equity in the current in your current house and put it towards the new house as part of your down payment to cover closing costs and so that you dont have to do a purchase agreement on the new house that says you cant close on that until you close on selling your current house so essentially its part of the same loan transaction you work with me the whole way through so its nice and smooth seamless transition and you basically can take that money from the equity in your house buy the new house and then that gives you a little bit of time and houses are selling so quickly these days that you most likely wont have an issue selling your house but if you do you

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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.
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A bridging loan is a short-term loan designed for property buyers and developers. Think of it as either a temporary loan or even a short-term mortgage. Bridging can be used in a variety of circumstances to provide finance until a more permanent form of finance can be arranged, such as a mortgage.
A closed bridge loan is one where the lender knows how you will pay back the loan and at what date you can do this. This is known as the exit strategy. If you know that you can pay back the loan from the sale of a property and have a completion date for the sale, then a closed bridging loan will be suitable.
Simply put, an open ended loan doesnt have a set repayment period. This means you can decide how much to pay off and when. Youll still need an exit strategy, but just not a set date for it. With a closed loan, though, youll be given a final date on which to pay off the remainder of the loan due.
With this in mind, bridging loans are typically secured against the asset being purchased or renovated. In the buy to let market, this means a property that a landlord is purchasing, renovating or securing at auction, will be used as the collateral in the deal.
A bridging finance arrangement is a secured, interest-only loan on a property. Like a mortgage, the property is at risk of repossession if the loan isnt paid back in time. But unlike a mortgage, the loan is for a short period of time (from a few weeks or less, up to usually no more than a year).
Speed of funding - Bridging loans can be approved and funded much more quickly than traditional mortgages, making them a good option for property buyers who need to move quickly.
Which banks offer bridge loans? A number of high street banks and private lenders offer bridging loans. Most of these are only available through loan brokers, as even high street banks do not normally offer bridge loans direct to the public.
Credit Requirements Since the sale of the current property will automatically pay off the bridge loan, the lender can be reasonably certain they will recoup the loan amount. A credit score of 650 and above should be easily approved by private money bridge lender.

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