A bridge loan is a type of gap financing agreement where one can avail of short term loans that help bridge gaps between the long-term funds and the short-term loan requirements. These types of loans are especially handy when one is looking to buy a new property or sell an existing property. We at TN Finance are the best bridge loan providers to fulfil your short-term requirement of money. A bridge loan normally comes in the form of an investment bank or venture capital firm.
Bridge loans are usually availed by businesses and companies that require immediate cash while waiting for another long-term goal. Usually, bridge loans are availed for a short-term of 6 to 12 months. We at TN Finance are well renowned for providing the best bridge loan facilities at the lowest interest rate in Chennai, Tamil Nadu. We offer quick disbursal of loans to provide relief to people to meet any contingencies they may face while waiting to fulfil other commitments.
Bridge loans are typically used by sellers when they are in a bind. A bridge loan varies widely in terms, costs and conditions. Some forms of bridge loans can completely pay off the old debt at the bridge loans closing, while others pile the new debt on top of the old one. Generally, bridge loans run for 6 months or 12 months and are a secured form of loans. Similar to a mortgage loan, applying for a bridge loan involves several factors like your creditworthiness, credit score and debt-to-income ratio.
The benefits of getting a bridge loan include getting funds quickly for use during time-sensitive or quick transactions. It offers payment flexibility, which includes deferred payments and interest-only payments. A bridge loan provides the funds to settle your new property even though if your old one has not sold. Some of the alternatives to a bridge loan include Home equity loans, Home Equity Line of Credit, Personal loans, etc.
For applying for a bridge loan, the client must have the following documents: