Bridging finance is usually a type of short-term loan. It’s best thought of as a temporary loan which gets you from A to B, until you can either clear the loan in full or secure a more permanent form of finance.
Terms are typically 12 months or less. Terms can sometimes be longer on unregulated products
Rates available in the market are from 0.4%. A typical rate is between 0.75% and 1% per month
Payments can be made at exit or on a month to month basis. The preference generally is to retain the interest so its payable on the exit of the bridge
A bridging loan is often used for but not exhaustive:
Buy a property at auction
Purchase a new residential property while the existing one is still on the market