What are short term mortgages?
Short-term bridging loans are designed to help borrowers access funds quickly to finance the purchase of a property or refinance an existing property. These loans are typically short-term, with repayment terms ranging from a few weeks to a few months, and are secured against the borrower’s existing property or the property being purchased.
At Ownright Custom Finance, we understand that sometimes you need access to funds quickly, and traditional loan options may not be feasible. That’s where our short-term bridging loans come in. Whether you need to purchase a property, renovate or refinance, our bridging loans can help you bridge the gap between the purchase of your new property and the sale of your existing property.
How do short-term bridging loans work?
Short-term bridging loans work by providing borrowers with quick access to funds to bridge the gap between the purchase of a new property and the sale of an existing property. These loans are typically secured against the borrower’s property and are generally offered at higher interest rates than traditional loans. Once the existing property is sold, the proceeds are used to pay off the bridging loan.
Who can benefit from a short-term bridging loan?
Short-term bridging loans can be beneficial for a wide range of borrowers, including property investors, business owners, and homeowners looking to upgrade or downsize. These loans can also be useful for those who have a less than perfect credit history or who have difficulty obtaining traditional loans from banks and other financial institutions.
What are the benefits of a short-term bridging loan?
One of the main benefits of a short-term bridging loan is that it provides quick access to funds to finance the purchase of a new property or refinance an existing property. These loans are also flexible, with repayment terms ranging from a few weeks to a few months. Additionally, short-term bridging loans can be an option for borrowers who may have difficulty obtaining traditional loans from banks and other financial institutions.
Great options and great rates
When you’ve tried with every other lender or bank and not been satisfied, that’s where we come in. We’ll create a tailored and customised solution for you!
Did you know that according to recent statistics, approximately 80% of small businesses in Australia take out business loans to help fund their growth and operational costs?
How to apply for a short-term bridging loan?
To apply for a short-term bridging loan, you will need to provide details about the property you are purchasing or refinancing, as well as information about your existing property. At Ownright Custom Finance, our loan specialists will work with you to determine your eligibility for a short-term bridging loan and help you navigate the application process.