As a small building contractor in the UK, managing multiple projects can often lead to unexpected delays or funding challenges, especially when dealing with unfinished construction projects. Whether due to budget overruns, client withdrawals, or unforeseen construction complications, there may come a point where you need an immediate injection of cash to complete a project. This is where bridging loans can provide a lifeline, offering short-term finance to help you get things back on track.
In this article, we’ll cover everything you need to know about using bridging loans for unfinished construction projects, how they work, their advantages, and potential pitfalls. Plus, I’ll share real-world case studies of contractors who used bridging loans to finish their projects and turn things around.
What Are Bridging Loans?
A bridging loan is a type of short-term finance used to “bridge” the gap between two financial events. Typically, it’s used when quick funds are needed to complete a project or purchase before more permanent finance (like a mortgage or development loan) can be arranged.
Key Features of Bridging Loans:…………………….
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To read the complete article go to https://www.sunrisecommercial.co.uk/2024/10/02/bridging-loans-for-unfinished-construction-projects-a-guide-for-uk-contractors/
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