Bridging loans is short-term financial assistance given to people, usually for purchasing a desired property. This loan is to be backed up with the collateral. It is a temporary solution that is made available to the buyers, until they secure permanent financing or sell the collateral. It can be repaid within 6 to 12 months, depending on the ability of the borrower to repay.
Reasons for borrowing through bridging loan
Bridging loans are ideal solution, when banks decline your loan application.