What types of bridging loans are available?
By Bridging Loan Directory -
You can choose from a closed bridging loan or an open bridging loan.
- A closed bridging loan requires an exit plan and you to know how you will be repaying the loan. Closed loans are usually repaid quickly – within a few months and you will need to detail your repayment plan to your lender.
- An open bridging loan does not require an exit plan and you won’t need to detail your repayment plan. Often used for a fast transaction, you have a longer period in which to settle your loan – usually up to twelve months.