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wesley davidson

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About wesley davidson

  • Rank
    Established member

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  • Location
  • Areas I invest in
    Commercial & Development
  • About me
    Work with businesses and developers to finance commercial and residential property.
  • Property investment interests
    Have a few BTL's and advise clients on best way to finance property including residential and commercial developments, bridging and HMO's.
  • My skills
    Qualified to provide financial advice on all types of property finance. Take time to meet clients and develop strategies.
  • My goals
    To grow a great brand with a reputation for great mortgage advice in Bristol, Bath & London.
  • Interests outside property
    Hobbies include sea kayak fishing, mountain biking, golf and long dog walks in somerset.

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  1. Hi Ellie, yes, usual fees will apply such as solicitors costs (yours and the lenders, paid for by you) and a valuation fee. No issues with short term funding but for the exit finance you need to really already own a buy to let or two as lenders don't like lending to a first time landlord going straight into an HMO. Wes.
  2. Hi Ellie, I work as a development finance consultant and consequently with a number of new property investors looking to buy and refurbish and in this situation the lenders place emphasis on the builder that will be doing the work. so long as you can provide details of the builder and a good schedule of works including timings and costings then funding is available. Typicall you can borrow 70% of the purchase price and 100% of the cost of works. You can then easily refinance with a buy to let lender who will lend as soon as the works are completed (no 6 months rule to worry about) and wil
  3. You definitely do not need to wait 6 months: https://www.foxdavidson.co.uk/6-month-mortgage-rule/ What we do for clients is line up the bridge and the buy to let exit which will kick in the soon after the works have been completed and the property is habitable. Thanks, Wes.
  4. Good morning, We are in Bristol and have many clients in Cardiff and south Wales. Do drop me a line if we can help. wesley@foxdavidson.co.uk
  5. Hi Lucy, You need a refurbishment product which allows you to borrow funds to buy the property and also lends you the funds for the works. There are several lenders that can work based on the figures quoted. Drop me an email and let's chat later today and see if we can find you a solution. Thanks, Wes. Wesley@foxdavidson.co.uk
  6. Spot on Simon. I would add, if your 9-5 job allows you to take time out to research the market and then take time out collecting paperwork and sending it to a lender, chasing up the lender and checking over the illustration and offer and you have time to chase the solicitors regularly to get you into the property then great. If not then put all of that time and energy on to someone else, use your new found spare time to do something enjoyable instead. There are plenty of fee free brokers out there if paying a fee puts you off. Don't give yourself stress, ge
  7. Agreed most lenders want a personal guarantee. Why wouldn't they given a ltd company could be a new spv with no trading history and no other assets. If it all goes pear shaped they want recourse from someone. Consider refinancing within 6 months to speed up your cashflow, plenty of lenders now refinancing within 6 months and using the increased value. Kent reliance and paragon and many of the commercial banks.
  8. I would ask them: What loan size switches you on? What fee will you charge? Are you whole of market? Do you work face to face or by phone/email? What areas do you specialise in? My answers would be: £500,000 plus Zero to 1% depending on the fee from lender. Yes Both Property development finance Clearly anyone borrowing 100k for a buy to let isn't the business I want and so now you know to not use me if those are your requirements. Equally if you are developing property and need funding of 500k plus I am all e
  9. They are fine with this. My client did exactly this, this year on a London flat which was highly geared. They are more concerned if you take out a buy to let and move into it. Clydesdale treat all loans on an affordability basis anyway. They won't change the rate but when it comes to renewal they will put it on btl rates. As with anything this could change especially as they will likely rebrand as virgin money soon.
  10. Hi Mat, The entity you buy in will affect who will lend. If you buy in a trading Ltd company your options are limited, you need to buy using an SPV ltd company with SIC codes at companies house for purpose of renting out property, that way you can access more lenders. As Simon say's as you are looking to purchase a property, refurb and sell it then BTL is not the way to go anyway. You need bridging finance and typically this goes up to 75% (minus lenders fees and interest for typically 6 months or more) and so you may fall short if you don't have separate funds to do the works. The
  11. hello, You will require development finance if you intend to purchase any type of property and change its use or make structural changes. Have a look at this guide to development finance which should give you an idea of the level of development finance you need and the typical costs. https://www.foxdavidson.co.uk/how-to-finance-property-development/ I specialise in commercial and development finance and can help you with this, my email is wesley@foxdavidson.co.uk Thanks, wesley.
  12. I'd also be concerned about resaleability issues because if your having problems getting lending, so too will others. Several of the commercial lenders can look at flats below 30 Sqm and you are very close anyway. A word with an underwriter and a favourable valuation would ensure you get the lending you need.
  13. Agree with above comments. You should think about your attitude to risk. Are you ok if rates increase and your payments go up, if not then fix. As others have said your mortgage chap should be advising you on best option for your situation and your preferences.
  14. I'll address the 6 month mortgage rule. It's a pain for sure but not all lenders impose it. You can use most if not all of the commercial banks (shawbrook/aldermore/interbay high street commercial) and some btl lenders such as paragon and fleet. We work with clients lending above 200k so i dont know if your other factors mentioned are issues for all of these lenders but definitely the commercial banks. Good luck. Read my blog on it here: https://www.foxdavidson.co.uk/6-month-mortgage-rule/
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