Details.
Short-term loans secured against a property, usually for no more than 12 months, with terms of 3, 6, 9 or 12 months. Available on a first or second charge basis. Interest is charged for each day the loan is outstanding, and monthly interest rates start from 3.8%. Bridging finance can be used for buying a property before selling an existing property, auction purchases, renovating dilapidated properties, below market value purchases, business cash flow, plant or equipment purchases and other purposes, subject to having the means to repay the loan. Late payments may result in additional administration fees.