Bridge loans refer to loan facilities offered to borrowers before another intended loan facility is granted by the lender. These loans are designed to provide quick financial assistance for various purposes in Kenya.
Key Features of Bridge Loans:
- Loan Amount: Bridge loans are typically small but can range up to 75% of the intended loan amount. In rare cases, they may cover the full intended loan amount.
- Use Cases: Bridge loans are commonly used when individuals or businesses require urgent funds while waiting for other financial transactions to be completed. For example, someone selling a property may need a bridge loan to cover immediate expenses before the sale is finalized.
Lenders Providing Bridge Loans in Kenya
Bridge loans are popular among investment and commercial banks in Kenya. Some of the well-known banks offering bridge loans include:
Commercial Banks:
- KCB
- Equity Bank
- Cooperative Bank of Kenya
- Diamond Trust Bank
- Absa Bank Kenya
- Family Bank of Kenya
- National Bank of Kenya
- Access Bank Kenya
- NCBA Bank
- Standard Chartered Bank of Kenya
- Standard Bank of Kenya
- I&M Bank
- Prime Bank
- Citi Bank
- ABC Bank
- Kingdom Bank
Investment Banks:
- Standard Investment Bank
- Faida Investment Bank
- Genghis Capital LTD
- Dyer & Blair Investment Bank
- African Alliance Investment Bank
Bridge Loan Eligibility
Bridge loans are particularly suitable for individuals and businesses involved in real estate transactions. However, anyone in need of quick financial assistance can inquire about a bridge loan from their lender.
Conclusion
Bridge loans offer a practical solution for individuals and businesses in Kenya facing urgent financial needs. Whether you’re in real estate or require immediate funds for other purposes, explore bridge loan options from reputable banks to address your financial requirements promptly.
