If you’re a business owner looking at different finance options, bridging loans are great for short term funding where permanent options aren't available.
A bridge loan is designed to ‘bridge the gap’ when you need to raise funds quickly such as for commercial property purchasing when permanent financing options are not available.
Whether you’re looking to invest in a new commercial property, a refurbishment project, or a new leisure facility, bridging loans are a great solution. But what exactly are the benefits of commercial bridging finance? We’ll take a look into why it’s key for many business owners.
Quick Process
While we’ve just briefly touched on this, one of the main benefits to taking out a bridging loan is how quick the process is.
While many traditional finance messages can take weeks or even months to come through, bridging loans can be surprisingly quick - granting business owners access to their loan often in a matter of days.
Flexibility With Repayments
Another key benefit of commercial bridging loans is the range of flexibility that usually come as standard.
In general, you as a borrower have more control over repayment options and plans which is ideal for businesses who need a little wiggle room to ensure everything runs as it should.
Even More Flexibility
When you think of applying for a traditional commercial loan, you may be concerned about lengthy checks, invasive questions, and credit score enquiries.
However, with a commercial bridging loan, you don’t need to worry about anywhere near as many checks as bridging loans are a type of asset-backed lending.
Early Payment Is Possible
Unlike other loans, with regards to commercial bridging loans, business owners won’t be charged for repaying their loan early.
In fact, repaying your bridging loan early has the benefit of costing less in interest the earlier you pay it.
At ASG Finance, we’re a privately owned commercial finance provider, set up to provide flexible finance solutions to UK businesses. If you’d like to find out more about how we can help your business successfully apply for a commercial business loan, contact us today to speak with our friendly team who will be happy to answer any questions you might have.