Commercial Bridging Loans For All You Business People
To be a successful businessman what we need apart from a good aptitude, sharp business acumen and a bit of character is money, whether it is our own or someone else’s in the form of loans.
One thing that will definitely help a budding businessman is commercial bridging loans.
Commercial Bridging loans refer to loans that are specifically designed to aid businessmen for a short period of time. A businessman can go for commercial bridging loans for a lot of business purposes. They are:
- For buying or improving the standards of the office or buying new factories or new business premises.
- It can be used well by an entrepreneur who sells his goods on credit. He can use commercial bridging loans as his working capital.
- Commercial bridging loans can also be used as a cover-up for losses in this accounting year and can be availed until the next year.
- It can be used by a businessman to buy a machine or another asset that is available at a cheap price in an auction.
However, there are many features of the commercial business loans that the borrowers must know about.
- These loans are available only on a secured basis i.e. on providing of collateral. The collateral can either be a closed-ended bridge or an open-ended bridge.
- The loan amount is available for a month up to a year with an option of extension.
- The loan amount varies from £10000 to £3.5 million or even up to 100% of the collateral rendered by you it all depends on the requirement.
- The loans are available to both, people with good credit history as well as people with bad credit history.
For the comfort of the borrowers, the loans are approved very quickly in 24 – 48 working hours.
The interest rates on commercial bridging loans are a little higher as it is a short term loan the borrowers will most certainly try to increase their earnings.
Now all that is left for the potential buyers to do is to make sure that they fulfill the following criterion to avail of the commercial bridging loans.
- The borrower should be a UK citizen.
- The borrower should be at least 18 years of age.
- The borrower should have a current active balance account.
- A valid proof of identity is essential as well.
- As long as this criterion is followed you are qualified to take commercial business loans.
There is nothing more satisfying than to do a thing we love successfully. Business is one such thing and one of its uncertainties is that we never know when we require money. That is when we can use the commercial bridging loans to cater to our short-term monetary demand.