Richard Butler Creagh: Guide to Bridging Loans
08:45Richard Butler Creagh Shares Pointers before Applying for a Bridging Loan
Welcome to the Richard Butler Creagh blog. Richard Butler-Creagh founded Henley Finance in 2013. After a successful career in property development, he understood the needs of the professional and their requirements in short-term bridging finance and devised a way that they could be better met in Henley Finance. Bridging loans are short-term loans,
usually high-interest ones too, that can be used to get access to funds
quickly. Most clients that take out this type of loan often have a need to get
their hands on funds quite quickly. It is most useful for people involved in
real estate especially in instances when they may need some funds to complete
the purchase of a real estate and other property. Below are some tips that you
should remember if you are considering the possibility of taking advantage of a
bridging loan.
Know
the costs involved
While it may sound simple, always make sure
to be clear when it comes to the full amount of the loan and the specific portion
of that amount that will have to go to interest rates and fees. It is also
important to remember that the short-term loan is attached to high fees and
interest rates. Among the fees that you are likely going to need to cover when
taking advantage of this loan include the facility fee, the exit or prepayment
fee, valuation fee, the legal fees, legal fees for the lender along with
disbursements, fees for the broker, as well as bank transfer fees.
Find
out about the security that is being given too
One of the most common conditions that you
as a borrower will be asked for when getting the loan is to provide a certain
security or leverage to the lender. This usually comes in the form of a charge
against the property involved. There are also other types of security that can
be used for this purpose. Make it a point to comply with the conditions
attached to the loan though to make sure that there will b no unnecessary legal
implications as a result.
Know
about the pre-loan requirement
If you want to get a much better chance at
getting approved for the loan, then be sure to know about the pre-loan
requirements first. Different loan providers have their own different standards
as far as pre-loan inquiries are involved. Do due diligence to make sure that
you have all the documents needed. Be aware that the costs are likely going to
be yours to shoulder so, be prepared for that. Make sure to provide the lender
with the necessary explanation too on how you are going to fully repay the
amount that you are borrowing. Ensure that you will have sufficient funds that
should help you do this.
Timing
is important too
While it is known for loans like these to
be expedited at a much faster rate, they may take longer than what you expected
if you are unable to do things the right way. This is also why it is highly
suggested that you should find the right solicitor to guide you along the way,
one who knows all the legalities involved and one who has been processing these
kinds of loans before will be able to extend to you some very effective
practical tips to speed up your application.
Watch the video below to learn more.
Learn about bridging finance and how it can
benefit you by reading about Richard Butler Creagh online. You can also follow Richard Butler Creagh on Twitter here.
1 comments
I'm here to share my testimony of what a good trusted loan company did for me. My name is Nikita Tanya, from Russian and I’m a lovely mother of 3 kids I lost my funds on trying to get a loan it was so hard for me and my children, I went online to seek for a loan assistance all hope was lost until one faithful day when I met this friend of mine who recently secured a loan from Le_Meridian Funding Service She introduced me to this honest loan company who helped me get a loan in within 5 working days, I will forever be grateful to Mr Benjamin, for helping me get back on feet again. You can contact Mr Benjamin via email: lfdsloans@lemeridianfds.com, they do not know I’m doing this for them, but i just have to do it because a lot of people are out there who are in need of a loan assistance please come to this company and be saved.WhatsApp:(+1 989-394-3740)
ReplyDelete