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<p><b>New page</b></p><div>The many differences and parallels of bridging finance and development loans<br />
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Due to the recession many financial institutions have kept tight their loan underwriting which makes it harder for people to get loans. This has particularly affected people attempting to obtain mortgages as a good credit history is again a must and larger deposits are required. <br />
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The tight lending limits which are affecting most lenders have lead to people failing to obtain the loans that they might need. Some individuals have investigated other available choices for raising finance instead of stopping their plans. On many occasions [http://www.kisbridgingloans.co.uk bridging finance deals] have been an alternative option, though it has to be stated not necessarily a prudent alternative. <br />
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It's very important to understand that bridging finance options are only intended as a temporary loan facility so therefore needs to be repaid in 6 to 12 months. A bridging loan can be the least expensive option for raising finance over a short period of time, but they generally have a high monthly interest rate leading them to be uneconomic if used as a longer term loan facility. <br />
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The other pluses of bridging finance are that they may be put in place promptly thanks to the more flexible underwriting criteria. It is this benefit that makes them popular as a method of finance when applications through alternative sources have failed! On top of being convenient when finances are needed quickly, bridging lenders will utilize a large variety of property as security. This can include derelict property, land and buildings needing renovation. As a result of the flexibleness in lending on property requiring work or major repairs, bridging finance deals are often used as a means to fund building work. <br />
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Having said that there are other financial solutions than bridging finance which can be used for building work. With many similarities development finance deals also are a useful alternative for funding building, restoration and construction work. The particular benefits that development finance deals have over bridging is they can be put in place with longer terms, often as much as three years, and the funds can be released in phases when it is needed. This has the main advantage in that interest isn't actually being incurred on money until it is being utilized once the venture starts and develops. <br />
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Lenders who provide [http://www.kisbridgingloans.co.uk/development-finance/ development loans] are specialists concerning construction work so can be helpful and can arrange finance facilities that will be genuinely beneficial to the venture. <br />
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Concerning bridging loans, as soon as the development is over the house or property will be sold and the proceeds used to settle the development finance. On the other hand the finished property can be refinanced to pay back the development loan and made available to the renting market.</div>DoradoWeigel448