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What is an open ended bridging loan?

I’ll tell you in one word…. “Risky”. When you take out an open ended bridging facility, you buy a property without having exchanged contracts on your present property. Even when you have a  potential buyer you are exposed. If the deal falls over  you could end up paying a hefty interest bill on both properties for some time. Quite often emotion drives borrowers into this situation. Tangle ups like this have a habit of leading to my doorstep.