Bridging Loan
 

Is there such a thing in UAE or does anyone know best way to go about it for about 6 weeks?

Re: Bridging Loan
 

What is the amount? There is no such thing as a bridging loan facility for individuals in the UAE (stupid, I know)- what the bank will give you is a personal against a salary transfer (whom do you bank with - I could help you with this!). Negotiate on the loan set up fees and make sure you tell them to waive your pre-payment fees.

Alternatively if the amount is small (250,000), you could ask for an overdraft facility - typically 2.5-3 times monthly gross (only fixed allowances counted).

However, if you are a priority customer/private banking customer then the good banks ( :unsure:!) are more than willing to accommodate such requests.

Re: Bridging Loan
 

Thanks IG, looking at about 800k for as I said about 6 weeks. Currently have a/cs with HSBC. Had heard that it was almost impossible to get a loan over such a short period but thought I would ask to see if anyone knew.

Re: Bridging Loan
 

When do you need it? Is it possible for you to open an a/c at another bank and obtain a salary transfer letter?

Not really impossible......get the employer to write - requesting them to 'assist' him - they might do it for EK ;)

Re: Bridging Loan
 

Thanks for the info. Decided to find another way round it. :)