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Loan terms vary by lender but usually allow up to 10 years to pay. These loans are more difficult to get and may have a higher interest rate than a bridge loan.
A bridge loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing. [1] [2] It is usually called a bridging loan in the United Kingdom, [3] also known as a "caveat loan," and also known in some applications as a swing loan.
The number of completed bridging loans fell 5% during the second quarter of the year, according to the West One Loans quarterly bridging index Mortgage Solutions August 2012; The true size of the bridging market is analysed through the West One Bridging Index. Bridgingwatch - Rob Jupp - March 2012 Mortgage Strategy.
Just remember that extending the loan term may mean paying more in interest expenses over the long haul. You should also tell your financial counselor which payment date works best for you.
This wording is considerably more common than "bridge loan" in Britain. Using the crude but handy Google Test, I see that "bridge loan" outnumbers "bridge loan" about 8:1 on .com sites, but "bridging loan" wins by about 2:1 on .uk sites. A few links: Lloyds TSB, BBC News and The Times, all of which use "bridging loan". Hence my edit.
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A related concept is linkage to care, which is a bridge to therapy, such as when community screening events (for conditions such as high blood pressure or high blood sugar) find new cases of hypertension or diabetes; recipients are helped to find appropriate care (for example, some have not been to a doctor for many years and can use help ...