If your business is seeing rapid growth and you’re considering new premises a bridging loan might be for you in financing your new property. The very nature of a mortgage means that it can be a very slow process, whist bridging loans are characterised by a much speedier process. Not to be considered as a long term financing solution, they are usually set at a higher interest rate. But what are the other benefits of a bridging loan to a business compared to a mortgage. Buy Property Fast As noted above, applications for a bridging loan are usually much shorter due to their nature of being a short term financing solution, bridging the gap until a longer term financing solution comes into place. The introduction of the Mortgage Market Review (MMR) rules in April 2014 means that the application process for a mortgage is a lot more rigorous. Of course, great property’s come and go very quickly which means sometimes you need to act fast. When you’re buying from a property auct...
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