Do You Have to be Employed to Acquire a Bridging Loan?
If you are here searching for information about how to acquire a bridging loan you might be wondering about the eligibility criteria that we have in place at First4Commercial. We have developed our service to help a wide range of applicants, from all sorts of financial circumstances and backgrounds, believing that everyone deserves the chance to build a strong future if they can prove they have a solid plan in place.
Whether you are employed or unemployed you can apply for a bridging loan. The condition of eligibility for bridging finance is that the applicant should be an owner of a property that is being used as security when applying for the bridging loan.
There is a caveat for an applicant in terms of property ownership. If the applicant only part owns the property that is being used as security the loan will not go ahead. The applicant must also be able to produce a sales contract for the property that is under discussion, without this the terms will be viewed as invalid. There are also specific bridging finance options for the purchasing of properties at auction, each with different processes and legalities to consider.
If you would like to find out more about the eligibility criteria for a successful application for a bridging loan, you can speak to an expert member of the First4Commercial team today. To do so, you can email email@example.com or phone 01277 620083 and we’ll be happy to help.