Business Bridging Loans
Loan Terms from 1 to 12 months
Super Fast Approvals
Use your real estate as equity
Receive funds within 24 hours
Loan Amounts Between $20k to $2m
Bridge a large financial gap with a bridging loan
Bridging finance is short term funding that will assist you in buying a new property while you are busy selling your current asset. A bridging loan will also provide you with the required finance to build a new home while living in your existing property. Most people have to sell their property first and then purchase a new one with the available equity. But there are some situations when you have to buy first, before selling your exiting home.
Benefits of a Business Bridging Loan
A business bridging loan from Tradie Cash is a strategic financial tool for bridging the gap in your cash flow. Ideal for tradespeople, here are the key benefits:
- Immediate Cash Flow Support: Access the funds you need to cover immediate business expenses or investments.
- Seamless Transition Financing: Perfect for bridging the financial gap between payables and receivables or while waiting for longer-term financing to be secured.
- Short-Term Solution: Manage financial obligations in the short term without the need for long-term financing commitments.
- Quick Turnaround: Benefit from a fast approval and funding process, helping you to keep your business operations running smoothly without interruption.
With Tradie Cash’s business bridging loans, ensure your business never misses a beat due to financial gaps.
Bridging loans: how do they work?
In this scenario, say you find a new home or property while staying in your old house. You will need some funds to bridge the gap between selling your old property and buying a new one. With a short-term bridging loan from TradieCash, you can cover this gap. Home loans and bridging finance in Australia are paid together. It is the borrower’s responsibility to prove that they can pay the interest on the bridging loan during the sale and purchase of the properties. Upon settlement of the sale of your existing property, the bridging loan is repaid. Bridging funds are determined by the amount of equity available in the existing house.
The different types of business bridging loans
Closed Bridging Funds: The borrower can apply for this alternative if there is already a contract of sale on the existing property. They know the fixed date when it will be sold. In this case, you can pay back the loan with the proceeds and interest rate received from the sale of the property.
Open Bridging Funds: When the existing property has not yet been sold, this option is available. One year is the maximum term of this loan.
The advantages of applying for a business bridging loan
A short-term bridge loan can help you avoid the stress of first selling your home and finding temporary housing while you find your new home, whether you’re upgrading or downsizing. Here are some of the benefits of Australian bridging finance.
– You can be confident while searching for a new house without beginning the process of selling your current residence.
– Renting a new space can be ignored until you have purchased a new home or the building is still under construction.
– Borrowers can choose to only pay for the current funding with the best bridging loans. Until the bridging finance expires, you will only have to pay the interest.
– Payments can be made during the loan term to reduce the interest amount.
– If there is sufficient equity and property value for the bridging loan, only upfront costs like legal fees and stamp duty will be added to the loan.