What is a Bridging Loan and which type of borrower can get one?

Homesec Business Finance Limited05 Apr, 2023Finance

A bridging loan is a particular short-term loan designed to cover the second property purchase price and give you time to sell your existing property, even if you already have a 1st mortgage. In bridging loans, the lender typically mortgages the existing property to finance the purchase of the new property. A bridging loan can also raise money to build a new home while living in your current home.