We always try to have the necessary funds that we need to help expand our business or to add to our current homes. We call this our rainy day money and generally speaking it is always there for us when we need it the most. However sometimes we are not cash rich and we have spent the money that we have put aside already and so it is essential that we have other financial options to choose from when we need money the most. It would be a huge shame to miss out on an excellent deal for your business because you just didn’t have the funds available at that time. The same applies to your home where you are out shopping and you see an appliance that you have been looking at for such a long time now and now it is 50% off if you can pay them in full today.
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In both these situations, it is necessary to have the money right then and there and so this is when you need to turn to Ascot Bridging Finance for the bridging loan that is going to help you out of a difficult situation. People choose bridging loans because they are short term and they are used for your business and you can get access to one very quickly. It is there to plug a gap in your current finances and can be a real lifesaver while you are waiting for the money to come in.
The following are some of the benefits of taking advantage of such a loan for your business.
- Quick access to money – The wonderful thing about a bridging loan is that you can apply for it and receive it in a very short period of time and so it is perfect in those situations. We were offered a deal that is too good to be true and you have to act on quickly. You should be able to get your bridging loan within 24 to 48 hours and when you compare that to other loans like the mortgage or a standard business loan that takes maybe a month or more then bridging loan is perfect for those times when you just can’t wait.
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- Much less paperwork – If you are a business owner then you understand the amount of paperwork that needs to be supplied to apply for a typical business loan or mortgage. The lending institutions insist on an incredible amount of paper that just seems to stack up and up. They also have to check your lending history, your credit score, where you’re getting your income from and so many other things. The terrible thing is that you’re not even guaranteed the long after all of your efforts.
Bridging loans are perfect because you can pay them back in a short period of time and that means that you get to control the interest that is owed. When you apply for such a loan, the lender will give you a clear interest structure so that you know exactly how much you are expected to pay back.