Bridging Loans To Help

by Nathaniel Richardson on

Have you ever been stuck in between a new property and the old one, paying both mortgages. Paying two mortgages can be challenging, especially when it is not planned. Thankfully, Bridging Loans have been created by lenders to help solve this challenge.

Bridging Loans are temporary term Loans that help to Bridging this lag time between the closing of the present property and the closing of the new home. Despite this not being a common scenario, under a few occasions there is an extended time period than was originally anticipated. The Bridging Loans assists the property owner to cover their simultaneous mortgage costs, with the proceeds from the Bridging Loans being used for the down payment on the new property once it has closed.

The Bridging Loans Process

As with any home mortgage, the buyers must go through underwriting for approval for a Bridging Loans. Every lender will generally have their own underwriting guidelines that must be followed in order for the owner to be approved for the Bridging Loans. And, these qualifications are generally more lenient than traditional home financing when it comes to debt to income ratios, suggesting that these ratios can be greater than with traditional mortgage Loans.

The reason that there are varying requirements associated with a Bridging Loans is that they are temporary and generally designed to help a buyer in moving from their current property into their new home. And, the funds from the Bridging Loans are almost always applied to the new property Loans if they are not used during the waiting period before to closing on the new property.

Benefits of Bridging Loans

There are several advantages to the property buyer of Bridging Loans, including:

•    It allows the home owner to place their property onto the market faster than normal and generally with less restrictions than if they didn’t have the additional financial protection.

•    Many Bridging Loans do not require monthly mortgage or Loans payments, giving some financial relief to the existing property owner.

•    The Loans can give the property owner some flexibility with contingencies on their home sale, allowing them to reject offers that are not favourable without financial fear of carrying two Loans in the circumstance that their new home closes on time.

Disadvantages of Bridging Loans

While there are several advantages to using a Bridging Loans when selling or buying properties, including:

•    The fees associated with Bridging Loans are often higher than traditional home Loans and even home equity Loans.

•    Some home owners might not be approved for a Bridging Loans due to the lending requirements

•    Even though the Bridging Loans assists the home owner in paying the mortgage costs throughout the transition process between properties, they must still financially cover for both Loans and the interest that is accruing on the Bridging Loans.

Local Search Marketing Professionals

by Nathaniel Richardson on

Business Development Alternatives is a local search marketing firm that helps business owners get found on the internet.  How?  By combining  internet marketing strategies with real world business expertise, we offer some of the most comprehensive small business consulting services available in the mid Maryland area and beyond.  We know what works today – and what doesn’t – and can provide the technical interface to knit it all together.

How can we help your business?  The internet is a big place with millions of new users going online every day.  Most people use the internet to look for information or solve a problem and old school marketing tactics are now extinct.

Over 80% of computer owners research a business online before making a buying decision.  30% of all search queries contain a city, state or zip code.  Local search done right helps put you in front of shoppers right in your neighborhood who are actively looking to make a purchase right now.  If your business caters mostly to local customers doesn’t it make sense to market to your services locally?  Instead of competing with a global market, we help narrow the competition down to those businesses who are smart enough to tap into local search.

Your customers EXPECT you to be online.  A website that speaks directly to your target market, coupled with a strategic marketing plan, will attract more customers and sales for you!

Cost Effective Marketing

The internet has made it possible for every business owner to compete.  You’re in business to make money, not spend it all just to get your marketing message out there.  With print advertising you have only one shot to get it right.  Once your ad goes to print youd better pray youve gotten your message across or thats money down the drain.

Consumers have short attention spans and studies show that we need as many as 7 advertising exposures before taking action.  An effective internet marketing strategy helps you grab the attention of people who are ready to buy, and follow up automatically with those who don’t, can be a very cost effective solution that frees you up to run your business.