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The following article was published in our article directory on November 23, 2020.
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Terms, Credits, and Fees: Gaining a

Article Category: Real Estate

Author Name: David Farrell

Better Understanding of Bridging Loans
Without a doubt, bridging loans have made it possible for many to engage in property development. With its help, no longer is it necessary to jump through hoops in order to get sufficient funding�a particularly nerve-wracking endeavour, especially for anyone who�s pressed for time. Still, there are things you need to understand before trying to benefit from this financing solution.
On the Matter of Time
Compared to typical mortgages, bridge loans have shorter terms�often anywhere from three to twelve months. But of course, there are a few exceptions, with some lenders offering maximum terms of up to two years. Although being short-term comes with the added pressure of settling the loan a lot sooner, there is actually a workaround to this dilemma.
Experienced property developers may use bridging loans to increase the value of their most recent acquisition instead of spending the amount on buying the property itself. Once the property�s condition has been sufficiently improved, getting a mortgage should then be possible�the amount gained from it may then be used to fully settle the bridge loan.
Credit Rating�s Impact
Some say that one�s credit rating or history do not matter at all to lenders offering bridge financing. Well, this is actually true�but only when it comes to your likelihood of being approved for a loan. Your credit will still have an effect on how good a deal you are going to get. Nonetheless, as you improve your record in property development, you will gradually gain access to better rates.
But, why is it that these lenders seem to freely accept clients regardless of credit rating or history? The reason lies in what happens when someone fails to pay up�which is the lenders acquiring the property itself. This also explains why they are more particular with property value than on whether the lendee is indeed of good financial standing.
A Few Added Expenses
Although credit is less of a focus when securing bridge financing, it does not mean that you would just be given the amount you requested and be expected to pay it back with the added interest within the agreed upon timeframe. You still need to have enough funding to process the expenses involved in getting such a loan.
A few common examples of these include the lenders fee and the exit fee. These are typically a percentage of the loan and thus, may prove to be quite a hefty sum. There are also expenses regarding valuation, which aren�t usually waived except for large deals. Legal fees, which as to be expected rarely come cheap, may have to be processed as well.
Finding the Right Loan
Many property developers seek help from brokers to ensure that they do end up with the best deal given their specific goals and budget. A manageable term, a fair interest rate despite less-than-ideal credit, and minimal added expenses�these are indeed possible for those who choose to work with an independent broker who�s both experienced and knowledgeable in  HYPERLINK "https://100percent-propertydevelopmentfinance.com/property-bridging-loans/"
bridging loans.

Keywords: Development finance, construction finance, bridging loans, 100% development loan

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