29 October, 2007

Bridgingloans.com has reported a rapid uptake of bridging loans in Scotland.

Highlighting the growth of short-term finance options in the Scottish market, the last six months has seen the area account for 30 per cent of Bridgingloans.com's completion figure.

Bridgingloans.com offers flexible short-term finance, which can be set up within a typical time frame of just five days - available for a range of purposes that may include short-term help to purchase a property at auction or to re-mortgage. The firm works alongside Scottish-based financial brokers, estate agents and IFAs.

Mark Doyle, Bridgingloans.com’s business development manager for Scotland, said: “Not too long ago in Scotland, little was known about bridging loans, other than they were recognised as a solution to bridge the financial gap between selling one home and buying another – but they can have far wider relevance than that.

"The legal system surrounding the Scottish property market is very stringent and can produce difficulties for buyers – making it an ideal environment for brokers and IFAs to offer the flexibility of bridging finance.

"However in reality, bridging loans can facilitate so many more situations – from those facing repossession to family members who are expected to pay Inheritance Tax on a property before it is transferred into their name."

source:http://www.mortgageintroducer.com