At BridgingLoansBrokers we arrange open bridging loans for customers with a known method of repayment but without determined date when funds will be paid off. This type of loan is usually taken when there is no pending sale on the existing property. If there is a pending sale we can offer more attractive closed bridging loan. The open bridging finance is usually taken between periods of 1-12 months however our brokers can offer finance for up to 5 years . Open bridging loans come with higher interest rates as compared to the closed because the repayment period is not known and loan is more risky. The typical time for this type of bridging finance should take around a week from start to finish. We can usually offer open bridging when the client:
Your property may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.