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Showing results for tags 'bridging loan'.
Found 16 results
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Hi, I have seen a cheap property to purchase for around 25k. What options do I have to raise finance for a cash purchase, been looking at bridging or loan routes. Any recommendations? I will be doing a refurb and refinancing. Thank all,
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Hello folks You may be familiar with a similar product which has recently been paired back to only offer loans on Ltd company BTL's However there is a new lender developing an improved product aimed specifically at landlords What do members of this group think of a product like this one below and what other features might you want? (within reason) Flexible overdraft you can draw down and repay without penalty - Removes the need for expensive bridging loans Use the facility as often as you wish for deposits or refurbs and then reduce the balance when you sell or remortgage - then go again It's an long term second charge loan up to 80% LTV secured on your BTL Properties loans from £25K to £500K Only pay interest on the balance outstanding at the time Available for up to 4 properties and for personal or Ltd Company owned BTL's Rates around 5% No early repayment charges I have known the guy who is putting this together for over 20 years so I am happy to let him have any good ideas which members put forward. If your ideas make sense commercially they may find their way in to phase 1 due to hit the market October / November (or phase 2) I'll keep this thread updated as I hear more so add yourself (even if you don't have a comment) and you should get update notifications Thanks Steve Walker www.promisemoney.co.uk -
Hello & Happy New Year to you all! I am considering the Buy, Refurbish & Refinance strategy and in this scenario would be using a bridging loan for the purchase (along with my own savings for the refurb). Whilst I know predicting the market is nearly impossible, I would like to be able buy with some confidence that the local market would be in a good position in the short term so I could continue with my strategy and refinance, pay the bridging loan off and pull out some (or hopefully all) of my money. Are there any market indicators I should be looking for? Is there ever a "right" time, or is it best to just go for it as long as the fundamentals are there in my chosen area? I am wondering if anybody with experience in this strategy could give me some advice? Thanks a lot, and happy investing! Ed.
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Hey all! I'm looking to purchase our first property with bridging loan (note we have 3 BTL already but they have all been through BTL mortgages) Anyways I'm looking for recommendations for who you have used before and rough costs? I've seen from 0.5 to 1% per month but that's a massive difference. The property value is 100k and I'll buy it for 100k hopefully, spend 15k on it so I need 120k in total with fees and stamp duty. If ideally like to borrow 60 to 70k over 6 months. Many thanks!
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Hello everyone!! I am 25 and have recently quit my job to flip property full time. My fiance has a well paying job so is happy to support us in the mean time. We have a family investor who has offered us £200,000, though this doesn't go a long way as we are in the South East. My biggest problem is confidence. I have found what i believe is a very promising property but am struggling to find the guts to do it. Any advice on confidence (or anything flip related) would be amazing!! Thank you
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Hi there, I have a question on what deposit contribution is required at the point when you refinance onto a mortgage from a bridging loan upon its expiry.. For Example: - I purchase a property worth £100k using 100% bridging (secured against other properties I own) - I perform refurb works increasing value to £150k. - I refinance onto a 75% BTL mortgage once the bridge expires In this scenario, what deposit am I required to contribute at the point of refinance? Is it: £25k (25% of £100k) / £37.5k (25% of £150k) / other? Answer is probably really obvious but I'm snookered... Thanks in advance
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Hi all, I’m just in the process of buying a property that I want convert from a studio to a proper 1 bed flat. I m planning on following the Buy Refurbish Refinance Rent strategy as it fits quiet well for this property and plan. I’ve come across precise mortgages Refurbish Buy to Let product and it looks prefect for this application, but I’d love to hear if anyone has any experience using this type of product before and if so, how was the process , was there any aspects to be aware of that aren’t so obvious setting out or any general pros’ and cons? Any pointers of general advise would be greatly appreciated! Cheers. -
Hi Everyone After some advice and wonder if other investors have come up against the same issue and how they manged to get round to it. I am currently buying my 3rd investment property and the Valuation was completed last week. My broker called me today with the unfortunate news that the lender is not willing lend on the property and it is in a poor state of repair and has not been properly maintained and are deeming it 'un-lettable', therefore unwilling to give us a BTL mortgage. The property is very cluttered and does need a cosmetic update, however there is currently an owner occupier living there and both myself and the agent are surprised with the valuation result. Given that I am purchasing the property with my brother who is also a builder and having both viewed the property in person, we have been taken by surprise as the kitchen and bathroom are fully functioning. We are considering a bridge, however I have heard there is a minimum bridge loan of £20k and we wouldn't need that much so don't want to pay for something we don't need to borrow. Any advice welcome.... thanks in advance! Claire -
Hi, New to property investing and very interested in flipping a property to fund an HMO (and build from there). I recently left my job, and have enough savings to keep myself afloat for a fair few months before a new source of income is required. It's during this time I'd be keen to refurb something and sell. I don't own any property, nor have I ever, but was wondering if I would be eligible for "bridging" finance, including refurb costs? I always assumed bridging involved selling an existing property during the bridge-loan term, securing the loan with your current property as well. Anyone able to clarify please? If not bridging, would any general short-term lenders work given my circumstances/profile? If useful, I'm 28 years old with no real credit history (certainly not any bad history). Many thanks, Jord
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Hey guys, I'm looking to do my first flip up in Leeds on a property between the £80k - £100k mark. I have approx £25k cash for deposit, fees and renovation but I'm just a bit unsure which route to go down re: financing. I want to try and get this flip down as quick as possible (within 2/3 months) so I'm not sure if this will affect how I finance the flip. Bearing the above in mind is there a clear route to go (mortgage or bridging loan)? Would really appreciate any advice anyone experienced can give on this! I know lenders don't like loaning to people flipping, but I've read you can work round this. I'm new to this and don't want to make any big mistakes! Thanks so much guys!
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Hey all, Having experienced so much great advice here I wondered if people may have some advice which is actually for my parents. They are downsizing, they have just had an offer accepted on a bungalow (£370K) but have yet to put their current house on the market. They basically have 3 options as far as I can see for funding this purchase, but I wanted to see what those of you who know far more than me might think of doing. First, the current house they have has no mortgage and would likely sell between 650-700K. They still have an income of over £70K per year and a number of savings/investments mainly as stocks and share ISAs. The 3 options I thought would be: 1. Get a bridging loan of some form for the purchase of the house while they move out of the current home and sell. Questions here, what % interest would be on a loan of this type for 18-24months? 2. Take out money from savings and investments. Question here, difficult to know the impact of taking this amount of cash out Vs interest made in stocks and shares in the current market and going forward 3. See if a mortgage is available for a short term (circa 10 years). Questions here, they are mid-60's so not sure if lenders would lend even with substantial capital and a home to sell. Be great to hear your thoughts all
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Hello All, I am considering getting a bridging loan for a flip project. I am interested to hear from people who have used bridging finance for flips. Who was your lender and what was offered in the product? A broker has mentioned a product that offers finance on properties £100k+ at 0.8% a month with a 1% fee, 70% loan to value, 100% refurb cost up to a year I think. I am also wondering if anyone has heard of Think Property Finance and has used them to get short term property finance? They have a similar product but with a 75% loan to value. It would be great to find a suitable lender that can be approached direct as broker fees can add up. Thanks, Jo
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Hi All, I'm in a unique situation. My wife has been in her residence for sometime through a housing association and has the right to buy. I have lived in the property for 2 years now. We intend to purchase the property which we would get below market value (BMV) but I was thinking of ways to unlock the equity quicker than just waiting for the standard 2 years on a standard mortgage deal. So my question is can I use a Bridging Loan to purchase the property then on completion get a normal mortgage to unlock the equity on the property? Here are some indicative figures just to give you an rough idea of what i'm thinking Property Value £250k Right to Buy Discount: £104k Right to Buy Purchase price: £146k Bridging Loan 75% LTV: £120k (To Refrub flat) Remortgage property to true value: £250k Repay Bridging Loan and have liquid cash to reinvest I don't know all the figures but could use some help in this area. All answers on a postcard please
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Hello, can anyone recommend a reliable mortgage advisor specialised in BTL mortgages and bridging loans who ideally is a landlord too? If possible we would like to meet someone local in South East Kent (Canterbury, Ashford, Folkestone) area. Thanks! -
Hi everyone, As a beginner in the property investment business I have following points to discuss: (please share your experiences) There are certain brokers providing Bridging loan services without meeting in person. Is it normal and okay to trust them? Can someone share few agencies who helps both Bridging loan as well as Mortgages in Bexleyheath/Welling/Eltham areas (or within 10 miles) so can meet in person ? Thanks, RK -
Hi, I am really new to property can someone tell me if my strategy is realistic? 2 bed flat on sale at 55K flats value 65K (on the home report and others in the same block sold for more than ) Seller is desperate to sell. Sells for 50K This then gains buyer 15K in equity. Buyer uses bridging loan to finance the deal for 6month costing 5K 6 months later buyer takes out a 80% LTV mortgage on the valuation of 65K, paying out 52K Pays off bridging loan total cost £3000, Gross yield on the property 11%
