Happen to be caught in a situation where you've got your eyes set on a fabulous house with a big garden? But the problem is that you cant find a customer to sell your existing house so as to finance the purchase of the new house. Adding to it, you do not have enough savings on your bank account to buy a new house. In such circumstances whom should you count on?Well. You can apply for a Bridging Loan. Now, lets find out what are Bridging Loans and how can they help you in possessing the new house. Bridging loans are considered as short-term loans used judiciously to cover up the gap between buying a new property before the existing one is sold. It is used to take advantage of a short-term financing opportunity in order to secure long term financing. Speed is the foremost appealing feature of Bridging Loans. Bridging loans specialise in solving the temporary financial crunch which you might face while buying a residential property, business or even paying for a renovation. Bridging Loans can also be used for reasons like, purchasing properties at auction, funding short-term commercial or residential renovations, and to safeguard a property purchase if the mortgage is delayed. The term offered in a Bridging Loan [http://www. Apply-4-loans. Co. Uk/bridging-loans. Html] mostly ranges anywhere between a week and six months. The maximum limit is 2 year. So, before applying for a Bridging Loan, you should be definite about the fact that you'll be able to repay it in a short period. Though highly flexible in nature, Bridging Loans tend to have a comparatively higher rate of interest. Lenders mostly face a higher risk in a Bridging Loan as there's no guarantee that the existing property will be sold in the said period. The Bridging Loan gets paid back once your old home is sold. All the unearned interest will be paid back to you if the house is sold in the said period. Bridging Loans are specifically designed for short-term financing. Apart from the conventional collateral, i. E. , your property, Bridging Loan also considers other form of security, such as, commercial properties, retail shops and overseas property. The list is a long one. Bridging Loans creates room for everyone and considers cases like CCJs, Deafaults, Arrears, et al. It is considered as a realistic option especially for those whoever need funds instantly. Things to consider: Before taking the plunge into the Bridging Loan market educate yourself about all the advantages and the pitfalls associated with it. Dont settle for the very first deal which comes your way. Explore all the avenues. Choose the deal that that befits your requirements and circumstances perfectly, and if necessary seek expert advice.