Bridging finance is term used to explain short-term finance to “bridge” a gap when a bank will not provide a standard mortgage. Often this is to provide finance when you have purchased a new house but have not yet sold or been paid for the existing house.
Over the past 20+ years as a mortgage adviser I’ve seen plenty of times where short term bridging finance loans have helped people manage their way through some difficult times, and this way have managed to get into a lot better long-term financial position. You may have heard the saying “short term paid for long
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People tend to accept that bridging finance interest rates will be high, but it’s important to realise that not all bridging loans are the same. In New Zealand there are a number of banks and finance companies that can offer bridging finance, but you need to know where to go to get the best options
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When you want to buy a new home before selling your existing home you may approach your bank for a loan to cover the period between buying and selling. This is known as bridging finance as it “bridges the gap” which is expected to be short term. Unfortunately your bank is unlikely to approve a
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Lot’s of people throughout New Zealand have could benefit from a broker that is able to arrange bad credit home loans. But why do they call it “bad credit” and what does it mean? Having “bad credit” does not mean you are a bad person, but it may mean you have gone through a bad spell
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We cannot dwell on the past, but unfortunately the banks often do and penalise us for years after we have had something go wrong. A default will stick on our credit reports for 5-years after being listed and when the banks see this “bad credit” they will typically decline lending applications. We say typically because
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As a mortgage broker I often get asked for bridging finance but those asking often do not understand what bridging finance is, so I decided to write this blog post to help explain how bridging finance works and when it is an option that brokers may use. The most common purpose for a bridging loan is
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Yes, I get contacted often by people who have complex issues and therefore difficult loans that need to be sorted out. I was recently contacted by Helen who needed to refinance a mortgage on an extended family owned property and consolidate loans that she had for her business. From the outset I knew that it
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Today we received the mortgage approval by a non bank lender for a West Auckland couple who had been struggling to get their mortgage refinanced. They wanted to consolidate their finance company loans with refinancing their mortgage. It made common sense as they had an existing non-bank mortgage of $572,000 where they have been paying
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Having been recognised as a specialist non bank broker I now get contacted from people all over New Zealand looking for help to tidy up their finances. This week it was a couple from Hawkes Bay that needed some help. They had a mortgage with a credit union but also had a lot of short-term
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Last week I was contacted by a very concerned man who needed a mortgage rescue. He left his job last year and set up his own business and while things have been ticking along quite well, a few months ago he had done a large job, was paid the 50% deposit but is still waiting
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