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phil b

Land Finance - Bridging Loan?

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Hi, 

An opportunity has arisen to buy land with full planning permission for two dwellings. I expect the land to be sold for approximately 300k.

However, I am short the initial 20% deposit most lenders require and looking at alternative sources of finance. I do have equity in other properties, but ideally wish to secure the finance on the land alone and save the equity for the build costs. A bridging loan maybe?

If successful, my intention would be to sell off the 2nd plot for a self build, raising 150-180k in the sale, therefore leaving me only 150-130k to initially mortgage for the plot.

Also, any advice on Stamp Duty for land purchase?

Thanks in advance.

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