Short Term Loans Secured Against Property

Frequently Asked Questions (FAQ)

What types of properties can be used as collateral for short-term loans?

The collateral used for short term loans depends on the requirements of the lenders offering short term loans secured against property. It also varies depending on the properties you have: are you a homeowner? do you own several properties?

You can get these secured loans by using your residential properties as collateral. You can also apply for collateral-based financing even if you don’t fully own the property but have some equity in it. This means that you’ve paid off part of the property.

This type of short term property funding typically undergoes a quick application process. Lenders often prefer short term loans secured against property because they have something of value to fall back on if you can’t repay them.

At Bridgit, you can use your existing home to apply for a short term home loan and buy before you sell. This is how short term loans secured against property work. It allows you to purchase a new house before selling the old one.

In doing so, we will also pay the existing mortgage. This means that when you apply for short-term mortgage financing, Bridgit will eliminate the hassle of having to manage two mortgages. This is our way to make Aussie homeowners feel empowered with what they want to do when buying and selling a property.

Are there any specific eligibility criteria for obtaining a short-term secured loan?

The criteria for obtaining a short-term secured loan, short term loans secured against property, or bridging loans depend on what the lenders have set and why you are applying for short term lending.

For companies, the criteria for getting approved for secured finance short term loans typically include a minimum number of years the business has been operating (two years, in many cases), an annual revenue set by the lender, and consistent earnings from profits for two years.

For individuals, you need to provide financial documents, be of legal age, and be a resident of the country where you are applying for secured fast cash loans. You must also show proof of your source of income.

At Bridgit, we lend to Aussie homeowners, including self-employed individuals, retirees, and standard-income earners. The eligibility criteria vary based on the borrower’s unique circumstances.
However, it’s easy to find out if you are eligible for our bridging loan or if it’s best to look for alternative home loan options. You only need to complete the application form online, which you can finish in five to ten minutes.

Since we use the latest technology in handling all the processes involved in assessing loan applicants for short term lending and short term loans secured against property, you will get the results within twenty-four hours.

Are there restrictions on how the loan funds can be used?

Bridgit property loans, specifically bridging loans, must be used for purposes like purchasing a new property.

Experience the Bridgit bridge loans difference

At its core, Bridgit empowers Australian homeowners by providing them with the ability to leverage the value of their property to buy before they sell. This innovative approach enables customers to purchase their dream homes without the immediate need to sell their current properties.

Bridgit’s philosophy centres around offering Australians not just loans but easier ways to progress in life.

We have also recognised a significant gap in the bridging loan market in Australia. This led us to introduce the ‘tech first’ approach, which is designed to address the inefficiencies plaguing traditional lending processes.

More than just speed, Bridgit’s technology lightens the administrative burden, allowing their team of experts to focus on what truly matters: customer support. This customer-centric approach reflects Bridgit’s commitment to not just meeting but exceeding the expectations of Australian homeowners.

Ready to take a step closer to your dream home by applying for short term loans secured against property? Call us now and find out more.