You want to sell your residence and buy a new one? No need to wait until the current one is sold to finance the acquisition of another property because this is where our bridging loan comes in handy.
Benefits of our bridging loan
- Finances the acquisition of a new property and even major renovations to it until your other property is sold.
- We provide customised advice on your budget management so that you can implement your project without incurring too much financial discomfort.
- This solution ensures a smooth transition from securing your new house and selling your former property. Likewise you wait for the right opportunity to sell your house.
- A bridging loan rests upon your assurance of the intended sale of your current property.
- You have a delay, ranging between 6 and 12 months, to finalise the sale at optimal conditions.
- The bridging loan capital is refunded to the Bank directly and in totality through the notary, and without penalty, as soon as the sale is concluded.
- Bridging loans are examined on a case to case basis and customised to your particular requirements.
- Until the sale of your property is effective, you only repay the interests on the bridging loan to the Bank. Thereafter, you refund the capital all at once.
- The bridging loan amount is determined by: the value of your current property, as offered for sale through a formal agreement to sell (all duly recorded).
- Additional information:
- In case you do not sell your previous property, you still have to repay the totality of the bridging loan.
- The threshold of a bridging loan cannot exceed 70% of the net value of the forthcoming acquisition, as formally evaluated by a professional.
- The Bank can request any of several types of available guarantees: mortgage (fixed or floating charge), pledging of shares or pledging of fixed deposit.
A few tips to promote the sale of your current property
|Follow your sale offer closely
If the number of visitors is low or you register negative reactions, seek advice from your real estate agent or notary. They can advise whether to:
|Make a realistic estimation of the sales value
The type and state of the property, its location, current market rates, will give you a fair idea of what price you can expect so that you can set a corresponding selling price. Enquire with several estate agents and remember that if you put a realistic price, capital gain might be less but your chances of concluding a deal sooner will be higher. This means you can confidently repay the bridging loan.
|Keep your bank adviser informed of the sale process
Relevant advice can help you take the proper decision at the right time.