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Bridging Expert

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  • About me
    I have over 30 years experience in secured lending, including bridging loans, development finance and second charge mortgages.
  • Property investment interests
    Financing of ground up property development
  • My skills
    Bridging loans, development finance, commercial mortgages.

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  1. Hi Annie Try Robert Ogle Chartered Accountants in Rotherham. Regards Steve
  2. Hi Nick Is the flat over under separate title from the commercial area or are they under the same title? Regards Steve
  3. Hi Andrew No, you won't get blacklisted by bridging lenders, most of whom are used to issuing terms that don't go ahead. Your real dilemma appears to be which broker to use and it isn't always easy to gauge based solely on rate. From your perspective rate will of course be a key driver, but service should also form part of your decision-making process as well. For instance there are some bridging lenders I know that market the lowest rates to attract as much business as possible and once through the door they can cherry pick the ones they actually want and with the others they can either decline after an application form is received or they can hike the rate up at their discretion. If you've already made enquiries through 3 brokers, have a look at lender rates and in particular the accumulation of fees, including lender arrangement fee, if a broker fee has been charged, legal costs and whether an exit fee has been charged. If any broker has charged a broker fee I'd question if that is really necessary. The broker will get a split on the lender arrangement fee, so there should be no need to charge any broker fee on top, unless the loan is small is size and they need to do so to meet their own margins. On top of that ask the broker to disclose the lender (if they haven't already done so) and to give you a heads up on their service levels. Regards Steve
  4. Hi Nikki, Depending on whether the property you're using as security is your main residence or a buy to let will determine whether it's regulated or not. Secured loans (or 2nd charges as they're now called) have been pretty much aligned with mortgages now in that they are 'advised' (regulated) so you'd need to speak with a CeMAP qualified second charge adviser. Not all mortgage brokers are qualified to advise on 2nd charges. If it's a BTL property and provided you've never lived in it before it's not classed as regulated so you can get a quote without being 'advised'. Happy to introduce you to a 2nd charge specialist if you want to DM me. Regards Steve
  5. Hi Andrew It largely depends on the property & extent of the works required. For instance if planning permission is required/obtained and you need funding for the works that need to be done, then it would be development funding. If it's minor or cosmetic work to get a property fit to sell without any structural alterations then generally speaking a bridge would work. Regards Steve
  6. Hi Iain, Bridging finance is an expensive form of lending because lenders and their investors have to achieve a certain return on their investment within a short timescale, usually 12 months. The choice of lenders does narrow a little on Scottish cases because most don't lend in this area, however there are still a few that will and some have particular expertise in Scotland which may be key to you given the timescales you're looking at. Lowry and Bridging Loans Ltd have both lent across Scotland for years and whilst their rates aren't the cheapest, they do understand the market and get the job done. Lendinvest are cheaper than most and like Scotland as well. I've put a few Scottish cases to them with deadlines and they've always achieved them. Regards Steve
  7. Hi Andrew There are bridging lenders that will work off the open market value on a property rather than the 90 day figure usually up to 70% gross LTV. Regards Steve
  8. Hi Michael, Happy to help. DM if that's easier? Regards Steve
  9. Good luck with the vlog Patricia. DM me if you need any tips/guidance or background to bridging finance. Regards Steve
  10. There are specialist buy to lenders who would consider this scenario. DM me if you'd like an introduction to a mortgage broker who can assist. Regards Steve
  11. Hi Greg, There are any number of bridging lenders and while most tend to be based in London but there are others spread around the country. These lenders vary considerably on the rates they charge and the service they provide. Depending on LTV there are advertised rates from 0.49% (some even quote lower) but fairly typically you should expect 0.75% - 0.9% per month. Term wise you can get up to 12 months with most lenders and you must provide them with an idea of your proposed exit route and by that I mean how & when will the lender get their money back. Typical exits are a refinance of the property onto a term mortgage or sale of the property. Regards Steve
  12. Hi David, If you're looking for a 2nd charge on your main residence this is now classed a regulated product so you will need to use the services of a CeMAP qualified 2nd charge mortgage adviser. The process is much the same as a 1st charge mortgage and in fact the introduction was to align both 1st and 2nd charges and remove some of the stigma around secured loans as they were previously called. Not all mortgage advisers have the required FCA permissions to advise on both 1st AND 2nd charges, so most tend to use specialist 2nd charge brokers. These 2nd charge brokers can speak with you directly so that isn't a problem, but they do vary quite significantly in the quality of service and the fees they charge. Most of the better ones will have access to every 2nd charge lender and will be able to provide you with their 'evidence of research' to show that they're quoting you on the cheapest deal appropriate to your circumstances which are generally drawn from a loan sourcing system. I hope this isn't too confusing but if you need an introduction to a good 2nd charge broker please DM. Regards Steve
  13. My advice would be to check a few brokers and compare quotes. Some commercial brokers will charge an upfront 'admin fee' which can range from £300-£500 and won't disclose which lender they've approached until that fee is paid. Some will also charge a broker fee on top of the lender commission they receive at completion and often these can be quite chunky. Regards Steve
  14. Hi Jack If you need any help with a bridging loan, please DM me. Regards Steve
  15. Hi James I'd be happy to help if you want to DM message with some details. I don't charge any broker fees, upfront or backend and only get paid on results from the lender. Regards Steve
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