A bridging loan in the UK is a type of short-term financing that provides quick access to funds. It is typically used to bridge the gap between purchasing a new property and selling an existing one, hence the name "bridging loan." The loan is secured against the property being sold, and the funds can be used for a variety of purposes, including buying a new home, renovating a property, or covering business expenses. Bridging loans are typically more expensive than traditional loans due to their short-term nature and the higher risk involved for the lender. They are usually offered by specialist lenders and are repaid within a period of 6 to 18 months.
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