Apply For Bridge Loan
Bridge Loan Brampton
It can be overwhelming when you are in financial trouble. Sometimes, your loan application can get rejected because your credit history is poor, or you have an account of not efficiently managing your finances. A bridge loan can be a temporary and quick solution to get the financing you need.

What is a Bridge Loans?
How Does a Bridge Loan Work?
What is the Term of Bridge Financing?

Bridge Financing Vs a Traditional Loan
Length of the loan term
The interest in these loans is either fixed or varies based on the situation. Traditional loans are usually long-term, anywhere between ten to twenty years. On the other hand, a bridge financing usually lasts less than three years. The loans are mainly taken out to help organizations fund their working capital. Unlike a traditional loan, they are paid off very quickly.
Loan interest rate
Compared to traditional loans, bridge loans have a way higher interest rate. The reason for this is that the nature of the loan is short-term. The lender makes less on the loans if the term is short. Because traditional loans are for a more extended period, the lender does not worry too much about their margin, but it's the obvious "what's in it for me?" case.
Several lenders
While a traditional lender can provide a bridge loan like a bank or a credit union, it makes financial sense to get a bridge financing from a private lender. The borrower gets access to a comprehensive range of flexible options. Harpreet Puri has built a solid reputation with several private lenders in the Brampton region to help get the best rates and terms for the borrower. However, as mentioned above, for the loan to be secured, the lender will need some form of collateral from the borrower. One of the risks of a bridge financing is many borrowers misjudge the timing of paying, including how long they will need to carry the loan. It can also cause financial stress, ultimately leading to the borrower defaulting on their payments. Based on what the borrower decides to do, bridge and traditional loans have their purpose. There is no harm in borrowing by knowing the details of every loan to make the best decision possible.
Advantages of bridge loans:
Quick Access to Funds
It can take anywhere between 24 – 48 hours to get a bridge financing approved, unlike a traditional mortgage which can take upwards of a month to get borrowed. When you apply for a traditional loan, you might need to submit a lot of documentation. With a bridge financing, the only thing you will need to submit as a proof is some form of collateral as security.
No additional fees or hidden charges
Even though the interest rates for bridge financing is high, you can still end up paying the loan in a few weeks, as the interest rate is controlled. The borrower does not need to be worried about the rising interest costs.

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