62-Day Loan
Common uses for 62-day personal loan funding include:
- Renovate or prepare your property prior to the sale
- Get a deposit for a new property (investment or principal place of residence)
- Help with moving, living, legal or medical costs
- Pay a personal bill or debt
Common uses for 62-day business loan funding include:
- Stock or an equipment purchase
- Payment of wages
- Smooth out invoice lags
- Pay a tax bill
- Starting, investing in, or buying a business
Get started! Contact us today.
Click here to apply online.
FAQs
How do bridging loans work?
In most cases, borrowers secure quick bridging loans in Australia to bridge the gap in funding between buying a new property and selling the old one. That is, when you take out a short term bridge loan, you need to settle the loan based on a 6 to 12-month repayment term, with consideration that your existing property will be sold by this time.
Here’s how a bridging loan works:
- The loan credit company provides the funds to buy the new property and takes over the loan of the existing property. The lender can also restructure your loan in a way that the term of the original loan can be shortened. Depending on the credit company, some fees would be paid as well.
- The money that the borrower owes to the credit company is called the “peak debt.” This is the total amount of money that the borrower owes to the lender, the existing loan of your property and the new loan amount that will be used to buy the new property.
- Repayments will change during the duration of your loan. In this case, you have to check with the credit company for the payment conditions.
- After selling your existing property, the remaining balance of your loan will be the “end debt.” This means that the payment of your existing property will be deducted from your principal loan amount. Hence, end debt represents the principal amount of your bridging loan.
How long does it take to get a bridging loan?
The time to process a bridging loan application is dependent on the type of lender providing loans. A short-term bridging loan lender, such as Mango Mortgages, can process a loan and release funds often within a few days. Click here to apply for a short-term bridging loan..
What is a bridging loan in real estate?
A bridging loan is often used in real estate to access funds to acquire land, purchase residential or commercial property, or help projects progress. Click here to apply for a short-term bridging loan.
What is the interest rate for a bridging loan?
The interest rate for a bridging loan is dependent on the type of lender providing loans. Click here to view our interest rates.
How do I qualify for a bridging loan?
The qualification criteria for a bridging loan is dependent on the lender. Here’s what we need from you to consider a short-term bridging loan:
- Your details
- Your broker’s details (if applicable)
- Security offered (property details)
- The loan particulars (including the loan amount, purpose, term, exit strategy and when you require funds.
- A copy of your most recent council rates notice and your most recent mortgage statement.
Click here to apply for a short-term bridging loan.
What documentation do I need for a bridging loan?
Each lender will differ regarding the documentation required to secure a bridging loan. Common requirements include business and personal bank statements, tax returns, business financial statements, business plan, certificate of incorporation and other business legal documents. The good news is that we only require your most recent council rates notice and your most recent existing mortgage statement when considering your loan application.
How do I apply for a bridging loan?
Different lenders have varying bridging loan application requirements and processes. It’s easy to apply for a loan with us: you can submit an enquiry by phone, email or apply online. Upon receiving your enquiry or application, we email an indicative quote that details the interest rates, costs, loan structure and document requirements. If you agree with the proposal, we then issue a formal and more detailed letter of offer. You return the signed proposal with the required documents, and we ask our solicitors to issue security documents or order a valuation if needed. Once we receive the security documents, we settle by electronic transfer of funds. Click here to apply for a short-term bridging loan.