Columbia University in the City of New York

The Loan Bridge

The time that behind schedule at the moment in being sold in Spain a house in property has grown considerably. According to some experts of the sector, one house that is put for sale today will need between 4 and 6 months to find a buyer. This extension of the terms puts the people difficult who want to acquire a building and not yet they have sold his old house. The loan bridge solves east problem. It is a credit that finances the purchase of a house of new before selling the old one, oriented construction, mainly, for those salesmen who do not count on sufficient time to sell their property in the best conditions and need financing to cover certain expenses that are derived from the purchase of a house on plane, like the reserve or the company/signature of the writing.

This type of loan, then, arises like a possible solution to carry out the two operations, buys and sale, of simultaneous form. The client asks for a personal loan, with a determined duration, that she will finalize at the moment at which the loan is constituted hypothecating of the house on plane. This client must commit itself to cancel this personal loan in a maximum term, that usually oscillates the 12 months, with the secured money of the sale of his old house. The interested one, in addition, will have to consider a series of interests, more elevated than the corresponding ones to a traditional mortgage, going up to around 6% and 8%, besides the expenses of opening, management and cancellation. The reason of so high interests is related to the own nature of the credit and its certain insecurity, since the formalization of the new mortgage depends on the sale of the old house. The Caixa, for example, is one of the banking organizations that this product offers at the moment. House x is Hipoteca House. With this mortgage you can now buy a new house without having to sell the present one with haste, because we financed to you until 80% of the value of the new house and, in addition, we provided until 80% of the value of your present house to you, is possible to be read in the page Web of the Caixa. Unlike another type of loans, the credit bridge allows more open negotiations, from the maximum capital to the nominal interest, the differential or the maximum term and the deficiency. With respect to the documentation that is due to present/display, the bank usually asks photocopies of the national identity document, the last rent, the list, a contract of work, the contract of transaction and a simple note of the Registry of the Property that states that the house that gives like guarantee this notarized to name of the interested one. Original author and source of the article.

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