The term of a bridging loan is typically between 6 months and 2 years.

A bridging loan is typically used to help with a short-term source of funding to help property buyers purchase a new property before they have sold their existing property. They can also be used for property development and property auction finance. Collateral, such as the property being purchased or an existing property, is used to quickly secure the new bridging loan. The loan is often paid back when the borrower's existing property is sold or refinanced with a mortgage.

Yes, many people use bridging loans to purchase properties at auction. Because auctions require quick decisions and large amounts of cash, a bridging loan can provide the necessary funds to make a winning bid.

es, a bridging loan can be used for renovation work on a property, as long as the renovation work is expected to increase the value of the property and thus improve the property's ability to secure a mortgage.

There are generally no restrictions on the type of property that can be purchased with a bridging loan, as long as the property can be used as collateral. This can include residential properties, commercial properties, and land. However, some lenders may have specific restrictions or preferences, so it's best to check with the lender directly.