Bridging Loan

Old Apr 7th 2008, 6:56 pm
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Default Bridging Loan

Is there such a thing in UAE or does anyone know best way to go about it for about 6 weeks?
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Old Apr 8th 2008, 2:08 am
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Default Re: Bridging Loan

Originally Posted by Fairydust
Is there such a thing in UAE or does anyone know best way to go about it for about 6 weeks?
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 ( !) are more than willing to accommodate such requests.

Last edited by IndieG; Apr 8th 2008 at 2:10 am.
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Old Apr 8th 2008, 12:02 pm
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Default 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.
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Old Apr 8th 2008, 2:02 pm
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Default Re: Bridging Loan

Originally Posted by Fairydust
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.
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

Last edited by IndieG; Apr 8th 2008 at 2:05 pm.
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Old Apr 9th 2008, 11:16 am
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Default Re: Bridging Loan

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