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  1. I would like to get the entire process mapped out on paper, and would be grateful in people could fill in the blanks for me. Case study (Simplified for math purposes) Auction purchase price £100,000 Bridging finance arranged at 80% LTV for 3 months at 1% Mortgage to be arranged after a 3 month period of renovation 1) Pay 10% on the day of the Auction (£10,000) 2) Within 28 days, arrange the bridging loan. The loan is only for 80% of the purchase price (£80,000), yet £90,000 is due. Does this mean that although the auction house require 10% down payment, the reality is tha
  2. Hi All, New to the forum and looking for some insight into what my chances may be of securing a btl mortgage in limited time, So to cut a long story short, I have purchased a flat in auction just on Friday 28/2/21, yes I know it's crazy but I haven't physically seen it. I was outbid on the actual auction, however it didn't meet the reserve so didn't sell. A week later I get a call, it's still available and being offered to me below the reserve before it's back in auction a week later, I make a lowball offer which was refused, I then offer to meet half way to the sellers asking price
  3. Hi, Recently I came across great opportunity for BRR or flip. It would do well for both. However the best option was to take it by cash or similarly with bridging finance. I decided to sent an enquiry for bridging loan and after assessing the numbers it looks like it's pretty pricey! I'm not 100% sure if I understand all of the number rightly but I was expecting gross interest at around 12-15% max whist my quote exceeds 20%... I copied the quote below and I've got few points to confirm: Net loan £52,578 - so for £85,000 property I can only get financing of 52,578 - That is already a
  4. Hi, new to the exciting world of property. We have set a company up but need some adcice on accountants and brokers any suggestions are welcome! Thanks in advance!
  5. Hello, I am looking into doing flips to build capital faster. I already own a property though a limited company. The problems with using savings only to acquire property are that it takes time to save, months, and you can only do one property at a time. I do not own any personal property or have any other avenue to extract cash to used as deposit. I know a few friends who would be fine to lend me some money for a year. As a starting point, I am looking for suggestions on how to structure the financing with the people. They will only provide the money and not do anything in
  6. 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!
  7. 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 obvi
  8. Is it possible for nonresidents to secure finance in LTD structures without having personal guarantees witnessed and signed? After 10 years of procrastinating on finally going to spend some of my rental income and travel Asia, however this presents a problem when trying to maintain growth as the funding partner of JV SPV for flips – as: anyone with 25%+ shareholding is required to have a personal guarantee witnessed and signed power of attorney not accepted by some lenders, preventing someone I authorise to fulfil this role even if I am a creditor of the company, I will
  9. 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 w
  10. Hi folks, I am buying a house at £39K which needs a complete refurb (up to £10K). Am thinking of getting a bridging loan then refinancing after 6 months (or earlier if any lenders would). The value will be around £60K once the refurb is done so a BTL mortgage is an option by then. I have 4 other BTLs all bought with a 75% BTL mortgage where I financed the refurbs and deposits myself, so this is the first time I'm doing it this way. Rob D's Complete Guide book taught me to look at other options for financing cash purchases, but I have no intel on good bridging finance option
  11. Hi Everyone, I wanted to say hello to the online property community and introduce myself to the network. I am a recent graduate working in the west midlands area. I have a very keen interest in property and have been reading, listening and watching property related education over the last 12 months. I wish to begin my property portfolio by starting with a flip to increase my capital to help me expand my portfolio. I am looking for advice and to build contacts to help me acheive this project. I am particularly looking for any reputable and trusted sourc
  12. Hi All. I am from Nottingham. Managed to raise 60k with my friend. We both want to start our property journey buying 1st house doing it up and sell. Ideally want to repeat flips couple times to increase our capital and buy 2 - 3 BTL to start saving towards our future. Now question. Is there any short term loan company you recommend from Nottingham? By short term I mean 4-8 months till we refurb and sell...... Any help, ideas, thoughts from Nottingham people more than welcome.... Apart of the auctions, where else to find out prospective propert
  13. Hi guys, a question for you all regarding Bridging Finance... The way I've heard it described, seems to indicate it doesn't require a deposit. For example a case study described to me recently involved an individual who 'only' had to pay advisor (legal, broker, lender) fees and the loan interest- and then shortly flipped the property for a significant profit. Correct me if I'm wrong here but sure he would've had to have stumped up a deposit in addition to the costs??
  14. Hi All. Can anyone explain how a bridging loan to purchase a property works when finance is also required to do a refurb on that property? Is it just one loan, or is it split into two: one for the purchase and one for the refurb? Thanks.
  15. Hello, I have inherited a sum of money that I am looking to invest and I am looking at a recently refurbished house that has been converted in to three flats. I cannot get a traditional mortgage because the banks don't want the risk of having to evict 3 tenants. My current plan is to get a commercial mortgage to purchase the property, then split the title in to three separate properties and then get three separate traditional mortgages on the flats. I believe the shortest time frame for re-financing after a purchase is six months, so I would be paying the h
  16. Hi All, We are looking to buy our first property using our Ltd Co. that we have set up. We have found a property in need of refurb and we are looking to buy using bridging finance (we do have the cash to buy out right but prefer to use bridging), refurb and refinance later. We have gone to our usual solicitor who has worked for us on a few land and property deals before that have always been straight forward mortgages buying in our own names. However for the first time as a limited company their quote seems to have increased quite a bit (£1,500 +VAT + disbursements fo
  17. Hello all, I'd love to pick your brains. I own a three bedroom house in Liverpool that I want to develop and turn into student accommodation. Purchased for £60k, the renovation will be £65k. The only problem I have is finding £65k for the renovation. Do you have any suggestions? I have six other properties so could bridge but want to make sure I've explored all options first. Have you ever used a development loan? The build will take 12 weeks then I will refinance to pay off the loan. Thanks in advance.
  18. Hi James Kelly of York here. I am currently looking for bridging finance brokers - preferably in the north but not essential - tradesmen & letting agents in these areas, if you are one or know any please get in touch. I have been religiously following all things Property Hub related for the last 18 months whilst planning my first steps. Began whilst looking to buy my first house with my wife. We have now bought and refurbed our own home and are looking to invest in BTL in Leeds, Sheffield, York, Hull area whilst also doing other flip projects to recycle our initial
  19. Morning, Need some help in understanding my financing options under my current circumstance. I purchased a property at auction on Wednesday and looking to complete the purchase via my limited company set up to purchase property. As with all auction properties, I have 28 days to complete the transaction. I'm now at 24 days and counting. Couple of notes: - This would be the first property purchased within my limited company. - For employment I am relatively new to contracting (6months working in a contract role) after taking a break from employment for
  20. We've come across a great opportunity on a repossession property in North London that having done the research looks like we can make money on it by refurbishing and then selling on. There is an extremely tight deadline though [ a few days ] and the vendors have said the purchase must be cash. We are selling a more expensive flat in West London with £400k equity and a mortgage agreed. We have the money to refurb the property if a purchase were to go ahead, my partner is an architect and able to do a high spec refurb in keeping with what people would expect in the area; this could b
  21. Hello everyone A quick hello from me. I currently have 1 x BTL and 1 x HMO in the Leeds / Bradford area and I'd like to do more. Familiar story I know. My first rental property was as a result of becoming an accidental landlord some 7 years ago and Ive only started to think about property seriously in the last year to 18 months. Hence the HMO purchase. That has been great and Ive had it for almost a year now so I'm looking for my next property adventure. The property I've just had an offer accepted on is a standard mid terrace which I am looking to develop into an
  22. Hello everyone, I'm a part-time property investor based in Lanarkshire, Scotland with 7 properties between me and my wife. Looking to get building my portfolio but currently not overly cash-rich (one day hopefully). My portfolio currently ranges from a 1 bed flat to a 4 bed villa. Recently I have had two extensive refurbishment project which have been thoroughly enjoyable (at times stressful) to do. Also have a full time job as an Optometrist, so property is a great change of scenery! Ive just started listening to the podcasts which are great. Go
  23. Hi Could anyone advise please on the best place to get a bridging loan? Is it best to use an advisor or doesn't it particularly matter? Thanks Ruth
  24. Hi I am in the process of organising bridging finance to top up private investment for an auction purchase and it's the first time I've applied for bridging. Most brokers seem to be keen to beat the competitor which is great, but one thing I am not sure about is how does dual representation work. I have my solicitor already onboard but not signed and paid for and currently total costs for them to do the conveyancing is £1244 for a £155k property. The dual representation is coming in at around £720 but what does that cover exactly as I can't get the quote unless I've agreed the loan
  25. Hi everyone! I'm new to property investment, so please bear with me if the answer to my question is extremely obvious. After viewing a repossessed house at the weekend, I noticed the electricity supply had been tampered with. The electrical connection between the supply into the house and the consumer unit had been removed (with the exception of some earthing cable), as shown in the attached photo. I don't think fixing the problem would be a major issue. An electrician quoted £300 for the installation of a new consumer unit, and the electricity supplier would be required to insta
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