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What is a non purchase money loan?
A purchase money loan is a loan usually used to buy a home. A non purchase money loan is a loan for other reasons where the lender does not know what is being bought.
Is a bridge loan a long term or a short term loan?
A bridge loan is a short term loan. The length of the loan can be a short as a few weeks to as long as three years, depending on certain factors. That said, most bridge loans are short in term and used in business to give a company time to secure long term, permanent financing.
What are equity loan mortgages used for?
Equity loan mortgages can be used for almost anything that the bank that is financing the loan has agreed they can be used for. The homeowner must make sure they know their home is at risk if they do not repay as they have agreed.
What happens if you default on a bridge loan?
A really good question. First a little about bridge loans. Very simply put, a bridge loan is a short-term loan that a obtains to facilitate the financing of a property. It is a kind of financing that the borrower uses when they are expecting to sell a property quickly or refinancing within the near future. Like other loans, there needs to be some kind of collateral put up for the bridge loan. If you default on the loan, the bank will be able to seize whatever you put up for collateral. Most of the time this means the property that the loan was used for. Learn more at http://www.bridging4u.co.uk/
How does payback work with a bridge loan vs. a regular loan?
A bridge loan is used to help you buy a new home until you sell your old home. Once your old home sells you payback the bridge loan. With a regular loan you have to begin paybacks right away with monthly payments. The above answer is incorrect in that with a bridging loan you have to make a monthly payment as soon as the loan starts. Rates can be as high as 2% a month above base rate Bridging loans are not cheap, but they are a great option if you need to buy a property before you sell another or have the funds to complete.
What is a non purchase money loan?
A purchase money loan is a loan usually used to buy a home. A non purchase money loan is a loan for other reasons where the lender does not know what is being bought.
Is a bridge loan a long term or a short term loan?
A bridge loan is a short term loan. The length of the loan can be a short as a few weeks to as long as three years, depending on certain factors. That said, most bridge loans are short in term and used in business to give a company time to secure long term, permanent financing.
Is pormissory note the same as a bridge loan?
Often a borrower needs a bridge loan (mortgage) to facilitate the financing of real property for a short period of time. A bridge loan is a specially designed form of financing that is used when a borrower is expecting to sell a property quickly or refinance it within the near future.A promissory note is a document a borrower signs when they borrow money from a person or bank. It is your promise to pay the money back on a certain payment schedule in a certain amount of time. It is the lender's proof they loaned you money. If you don't pay the promissory note can be used as evidence in court and the lender will obtain a judgment lien against you.
Where Can I Use The Business Loan?
That is the beauty of business loans. The money from business loan can be used to pay down debt, purchase new equipment for business or inventory, advertising and marketing functions, or anything that you deem fit.
Can loan be used as a verb?
Loan used as a verb in American English and is replaced with lend.
What are equity loan mortgages used for?
Equity loan mortgages can be used for almost anything that the bank that is financing the loan has agreed they can be used for. The homeowner must make sure they know their home is at risk if they do not repay as they have agreed.
What happens if you default on a bridge loan?
A really good question. First a little about bridge loans. Very simply put, a bridge loan is a short-term loan that a obtains to facilitate the financing of a property. It is a kind of financing that the borrower uses when they are expecting to sell a property quickly or refinancing within the near future. Like other loans, there needs to be some kind of collateral put up for the bridge loan. If you default on the loan, the bank will be able to seize whatever you put up for collateral. Most of the time this means the property that the loan was used for. Learn more at http://www.bridging4u.co.uk/
How does payback work with a bridge loan vs. a regular loan?
A bridge loan is used to help you buy a new home until you sell your old home. Once your old home sells you payback the bridge loan. With a regular loan you have to begin paybacks right away with monthly payments. The above answer is incorrect in that with a bridging loan you have to make a monthly payment as soon as the loan starts. Rates can be as high as 2% a month above base rate Bridging loans are not cheap, but they are a great option if you need to buy a property before you sell another or have the funds to complete.
What is a provident loan used for?
A Provident Loan is a loan that will loan you money for jewellery and gold. The Provident Loan Society offers loans for a lower rate than a lot of other companies, for example, loan sharks.
What is the main difference between a commercial loan company and a personal loan company?
The main difference is that only a business can receive a commercial loan, and only an individual can receive a personal loan. Also, a commercial loan can only be used for business purposes, while a personal loan can be used for anything.
What if federal student loan money is partially used for bills?
They send you the money, you use the money. Don't have to account for use.
What types of assets can be used to get a secured loan?
The assets someone need to own to use as securities for a secured loan would be anything equal to value of the loan such as a car.
