Whether you’re a homeowner, property investor or entrepreneur, fast bridging loans are tailored to meet your unique needs. With unparalleled speed, transparent terms and a commitment to flexibility, these loans can help you turn your financial aspirations into reality. Let us discover what a bridging loan is, the advantages of fast bridging loans and how to apply for one.
What is a bridging loan?
Bridging loans serve as temporary financial solutions, typically short-term, designed to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one. They offer flexibility and speed, which makes them ideal for individuals and businesses seeking quick access to funds during transitional periods.
The advantages of fast bridging loans
Fast bridging loans take the concept of bridging finance to the next level. Here’s how:
Speedy access to funds
With fast bridging loans, you can count on expedited processing that ensures quick access to the funds you need without unnecessary delays. You get the funds precisely when you need them. This is important for seizing time-sensitive opportunities in property or business.
Tailored solutions for your unique needs
Every financial situation is different. Fast bridging loans can be crafted to meet your unique circumstances, whether for personal or business needs. This approach ensures that your fast bridging loan isn’t just a financial tool but a strategic asset designed to accelerate your success.
Flexible repayment options
Fast bridging loans often come with customisable repayment options, which allows you to structure your payments in a way that suits your financial situation. Whether you prefer a faster repayment to minimise interest or need a more extended schedule to ease cash flow, the choice is yours. This flexibility ensures that your repayment plan aligns precisely with your financial capabilities and goals, offering a stress-free and adaptable solution that accommodates your unique circumstances.
Where and how to use fast bridging loans
Fast bridging loans are versatile financial tools suitable for various situations:
- Seizing property opportunities by bridging the gap between buying and selling, ensuring you don’t miss out on lucrative deals
- Injecting quick capital into your business for time-sensitive opportunities, expansions or overcoming financial hurdles
- Managing unforeseen financial challenges with ease and cover expenses promptly without disrupting your plans
- Funding home renovations or business upgrades, adding value without waiting for long-term financing
- Settle an urgent personal bill or debt that cannot wait until the property sale is concluded
How to apply for fast bridging loans
At Mango Mortgages, the application process for fast bridging loans is straightforward. This is to ensure a seamless experience for our clients.
To start, reach out to us via phone, email or our online application form. Provide essential details to initiate the process. Upon receiving your enquiry or application, we promptly email you an indicative quote. This comprehensive quote outlines interest rates, costs, loan structure and document requirements.
If the proposal aligns with your needs, we issue a formal and detailed letter of offer. Review the terms, and if satisfactory, accept the proposal. Then return the signed proposal along with the necessary documents. Our team then proceeds to the next steps in the application process.
Next, our solicitors step in to either issue security documents or order a valuation if required, ensuring all legal aspects are in order. Once we receive the necessary security documents, we proceed to settle the loan through a secure electronic transfer of funds.
Ready to take the next step? Click here to apply for a fast bridging loan.
Q: What is a bridging loan, and how does it differ from traditional loans?
A: A bridging loan is a short-term financing option that helps bridge the financial gap between the purchase of a new property and the sale of an existing one. Unlike traditional loans, bridging loans are designed for temporary needs and typically have faster processing times.
Q: How quickly can you get bridging finance?
A: The speed at which you can secure bridging finance in Australia varies, but our fast bridging loans are designed for rapid access. From application to settlement, our streamlined process aims for efficiency, so you get the funds you need promptly. This is often faster than traditional financing options.
Q: How fast is a bridge loan?
A: Fast bridging loans in Australia are known for their swiftness. Once you submit your enquiry or application, we work promptly to provide an indicative quote. If you accept the proposal, the process moves quickly to formal offer, document submission, legal processes and settlement. Our goal is to minimise delays and meet your timelines efficiently.
Q: Do bridging loans show on credit reports?
A: Yes, like any other loan, bridging loans typically appear on credit reports. However, it’s crucial to note that the impact on your credit score depends on various factors, including how you manage repayments. Prompt and consistent repayments can positively influence your credit history.
Q: Does a bridging loan affect your mortgage?
A: Yes, a bridging loan can affect your existing mortgage in Australia. You need to inform your current mortgage provider about the intention to take a bridging loan. The new loan may impact your debt-to-income ratio and could influence your ability to secure additional financing. Seeking professional advice is recommended to understand the specific implications for your situation.
Q: How big a bridging loan can I get?
A: The size of a bridging loan you can get depends on various factors, including the value of the properties involved, your financial circumstances and the specific terms offered by the lender. Generally, bridging loans cover the purchase price of the new property and associated costs, and the maximum amount is determined by the equity in your existing property and the potential value of the new property. Speak with our team to assess your eligibility and discuss the size of the bridging loan that suits your needs.
Q: Can I use a bridging loan for purposes other than property transactions?
A: Absolutely. While bridging loans are commonly associated with property transactions, Fast bridging loans can be used for various purposes. These include covering unexpected expenses, business ventures, renovations or seizing time-sensitive opportunities.
Get started! Contact us today.
We offer short-term first mortgages, fast second mortgages, caveat loans, home equity loans and business loans. And you can quickly and easily apply online.