The average individual lacks a proper understanding of all the different bridging loan options available in the market today. Speaking to us at Bridging Funding will help you gain a better grasp of all such options. We offer a vast range of loan options including chain break loans for UK residents and non-residents. If you are in need of such a loan whilst trying to purchase a new home, we can help you out. This type of financial option is used when you apply for a bridging loan to buy a new house, and the property chain has been broken.
Operation of a Chain-Breaking Bridging Loan
A chain-breaking loan can be segmented into three categories:
- The initial application
- The fund payment
- The repayment
The first phase of the process involves a thorough application to the lender, who needs to know the details and will verify if the collateral is worth the loan he is about to lend. In the second phase of the chain break, the lender will give you the money by arranging it within a very short span of time. The last part will include the selling of the borrower’s old property and repaying the lender the whole amount along with the calculated interest.