Originally written by fundingoptions on Small Business
If you require a short-term business loan to get your business from A to B, bridging finance might be just the thing you need. Use Funding Options’ bridging finance calculator to find out how much you may be able to borrow in the form of a bridging loan. We’ll ask for some basic information on how much you want to borrow, when you need the funds, what the finance is for (e.g. “property finance”) and your email address so we can provide you with your bridging loan quote.
Some business owners are unaware of the benefits of bridging finance and others are unsure of what it’s actually for. Read on to find out more about this unique type of business finance.
>See also: Common uses for bridging loans
What is a bridging loan?
Bridging loans are designed to “bridge a gap” in finance. Bridging loans can often be quicker to obtain than term loans; in some cases the funding can be ready in 24-48 hours. There are two main types: closed and open.
Closed bridging loans have a fixed repayment date (within a few months) whereas open bridging loans have no fixed repayment date, however lenders usually expect repayment within a year.
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