What Is Residential Bridging Loan?
A residential bridging loan is a type of short term loan that is designed to bridge financial gaps. It is a great alternative to the traditional mortgage, especially when you need to renovate or purchase a property within a short timeframe.
Loans are offered on an interest-only basis, and you can pay interest rates either monthly or at the end with the loan amount. As it is a short term loan, usually you can take it for 12 months, but now some lenders offer bridging loans for longer times.