San Francisco, CA -- (SBWIRE) -- 06/19/2013 -- In today’s economy, banks are making it increasingly difficult for UK citizens to obtain the financing they need. Those who have anything less than a perfect credit score can encounter numerous barriers while pursuing financing, which is why more and more people are turning to alternative sources of financing.
At FinanceMyHouse.net, visitors will learn about one alternative source of financing. FinanceMyHouse.net aims to offer bridging and development loans at affordable rates to those who have had trouble securing finance from traditional banks. The FinanceMyHouse.net website features an easy application process that simply asks for basic contact details and the total requested amount of the loan.
After submitting the application, FinanceMyHouse.net promises to respond to applications within thirty minutes.
As a spokesperson for the website explains, bridging loans are useful for a number of different reasons:
“Every day, residents across the United Kingdom take out bridging loans. Bridging loans are a form of short-term funding taken out over a period of 1 to 18 months. It’s called ‘bridging’ financing because the loan is designed to bridge the gap between the need for an asset and the realization of funds from that asset. Bridging loans can be secured against homes, shops, commercial properties, land, flats, and offices.”
Some people choose to take out a bridging loan when a commercial project needs to be financed quickly, while others take out a bridging loan to facilitate the transition of company assets during a merger or acquisition. Like any loan, bridging loans are subject to rates and fees, and all information about rates can be found at the FinanceMyHouse.net website.
As the Finance My House spokesperson explains, the website aims to offer affordable rates to all those who apply:
“Those who can’t obtain bridging financing from traditional banks and lenders often turn to nontraditional lenders for assistance. Today, banks seem hesitant to lend money to anybody with a less than perfect credit score, which is why we aim to offer an affordable rate and fee structure for those with poor, medium, and good credit ratings.”
In addition to offering a simple application form, the FinanceMyHouse.net website explains the intricacies of bridging and development loans. There’s an important difference between open and closed bridging loans, for example. Closed bridging loans need to be repaid on a specific date – like when the owner receives the asset or property. Meanwhile, open bridging loans do not have a fixed repayment date, which is useful for cases where the individual does not know when full ownership of the asset will be transferred.
About FinanceMyHouse.net
FinanceMyHouse.net is a UK bridging and development financing website that offers a simple application form and 30 minute response times. Bridging loans are designed to bridge the gap between a business or individual’s need for an asset and the date at which the asset is fully realized. For more information, please visit: http://www.financemyhouse.net