Bridging loans are most commonly used to cover a period of transition between one property and another. Although most people opt to sell their existing home or commercial property prior to purchasing another, in some circumstances, it’s necessary to take out a loan to cover the costs of a new property before the current one is sold.
There are a variety of reasons that people opt for bridging finance instead of simply waiting until their existing property is sold:
- There may have been previous issues with finance, which necessitates needing to consolidate debt while also relocating at the same time.
- Sometimes it’s a case of waiting until the property market has swung back in favour of the seller while still wanting to secure a new property during a buyer’s market.
- You may be looking to free up some additional equity during the sales process to spend on costs like renovations, new furniture or other relocation expenses.
- Your initial property actually has sold, but you hadn’t yet bought anywhere new to live — bridging finance can help you cover the gap between your old and your new property in a hurry, rather than requiring you to rent for a period.
- Sometimes a good opportunity arises that simply can’t be passed up. In these cases, time is often of the essence. You don’t just need cash for the property; you need it quickly. The big banks might be able to offer you finance, but they can't necessarily get it to you in the timeframe you need.
These are considerations that can all apply whether you’re looking at residential or commercial properties alike — and in all of these cases, Titan Capital can help. Our alt-doc loan products are designed to be highly flexible, enabling you to utilise one as a bridging loan if necessary.
Titan Capital — bridging loans and more
Here at Titan Capital, we offer a range of no-doc loans that utilise commercial, residential or construction collateral for security. In turn, we can offer you loan products that can be used for a wide variety of purposes, including bridging finance.
We’re able to offer you a broader range of finance than the big banks; we understand that people find themselves requiring other options for a variety of reasons, and we’re experienced at working with you to accommodate your specific circumstances.
Options for brokers
Suppose your client has previously had issues securing finance or has other circumstances, which means they can’t borrow from the big banks. In that case, Titan Capital may be able to assist in the process of securing bridging finance. We work closely with brokers to find appropriate solutions across a range of different products.
The benefits of getting your bridging loans with Titan Capital
Our loans are low-doc and fast settlement. Most loans can be approved within a week and a half, enabling you to make quick decisions around finance as you need to. We place minimal restrictions on how you utilise the finance and can often offer a higher loan cap. Accordingly, you’ve got greater flexibility around your new funds. So if you’re able to offer commercial or residential collateral, we should be able to provide you with the finance you need.
Contact Titan Capital today
Got questions about securing bridging loans for yourself or your client? Reach out to the team at Titan Capital today by giving us a call on 1300 304 770 or using our online enquiry form. The BDM team will be happy to talk you through the process.