Tag Archives: property
Bridging Loans – How Quickly Could I Get One?
First of all, let’s just take a quick look at exactly what a bridging loan actually is. It’s a nightmare scenario. You’ve spotted the perfect new home. Right number of rooms. Good size, well looked after, not too far from work and with a great garden for the kids. The only fly in the ointment is that you’ve not managed to sell your own property yet.
That’s the end of that then, right? Well actually, not necessarily. Enter the bridging loan. As the name suggests, it’s a short term loan facility that provides a ‘bridge’ between one loan and another. In this case, the loan would allow you to go ahead and make the purchase of the second property. The facility would only need to be short term, typically between 4 and 12 months.
There are of course, quite a few other reasons why you could consider a bridging loan:
– you may be considering making a purchase of a property from an auction, in which case you need to raise the funds very quickly.
– you could be thinking about purchasing land or even, as all the property programmes on television are concentrating on at the moment, a property abroad.
– refurbishing an investment property with the intention of selling it on in a very short space of time.
– raising money to pay a tax bill
– covering temporary cashflow problems
– taking off on an impromptu luxury holiday
– your daughter’s getting married. She wants all the trimmings and you have to do your parental duty and cover the expense!
As the property merry-go-round has been spinning at full tilt in recent times, many people have found themselves in a situation such as described above and as a result, the volumes of bridging loans have increased accordingly. Lenders have provided more choice and options and have often been innovative in their approach to help their customers.
Clearly, the key principle of a bridging loan is providing the cash very quickly to the customer who, probably more than any other type of borrower, needs the cash immediately. The whole process is very often streamlined and simple in real terms. There are many online brokers that you could make an enquiry to and having done so, they will probably be in touch with you on the phone in a matter of only a few minutes and you could have a decision in principle within an hour or so.
As part of the application, the broker, on behalf of the lender, may ask you to supply some or all of the following supplementary documentation:
– proof of residency
– proof of income
– proof of ID
– buildings insurance certificate, and
– an independent valuation figure
Once received, the loan could be completed in somewhere between 2-10 days. Wow! Now that is fast! So if you need to raise finance quickly, you now know what to do.
Rental with a difference
Anyone looking to rent an asset, whether its a property, car etc, is soon faced with a multitude of choices. Rental is indeed as big a business as it is competitive. You can call your local estate agent if you want to rent a property or you can go online on a rental portal and type rental in Google. The keyword rental will probably fetch you thousands of rental web sites offering property or cars for rent. Out of these web sites only a few will provide you with real time rental data. In other words, only a few will show you on what dates the property you are looking for is available at the time you book and fewer rental web sites will enable you to actually book a property online. Now suppose you are not looking to rent a property but need to rent a boat or any other assets? Which rental portal do you go to? And what if you are looking to place an asset online for other internet users to rent? Rentrino is a new concept in rental and offers online renting with a difference.
Next time you are looking to rent anything e.g. a property, a car, a boat, a parking space, think Rentrino! The newly launched rental web site is turning the rental industry on its head. The web site is simple and free to use for users looking to rent an asset online. Just key in the asset you are looking to rent in the simple search text box and away you go. The renting portal presents you with the assets available for rental in a neat and concise format with a more details button. Hit this button and you have further rental details with an intuitive location map of the asset for rent.
Fair enough this feature set is pretty standard on most web sites offering rental facilities. The competitive advantage of Rentrino lies in its unique and powerful online booking and rental asset management system. Once you have found what you want to rent, simply register then you can proceed to choose the dates from an online user friendly calendar menu showing the availability. Choose your dates, accept the rental conditions and click to confirm your rental agreement. The rental system keeps track of your rent transaction in your online account and you can log in at your leisure to have a look about your rental history.
Placing an asset for rent online is equally easy and carries the same rental with a difference feel. Register for free, validate for credit card online and start uploading your assets online, whatever it is. The uploading process allows you to simply load your asset details, available dates. The rental portal is full of tips and advice to help you post a listing online. Uploading is free until someone starts renting your asset. A commission is charged automatically on the number of days your asset is rented. The rental system keeps track of when your asset is rented out and works out the commission due and bills your credit cards automatically with emails notifying you of the full rental and billing details.
The sheer flexibility, simplicity and ease of use of Rentrino makes it refreshingly different from other online rental portals.