Using Bridging/Development Finance for BRR

[Seb_Rolland]

Hi All

I'm new to the forum and this is my first post! I am looking for any help/advice on using bridging to finance developments with a view to remortgage and hold the property (a sale would be an option for an emergency exit)

For some background I have completed a couple of light/medium renovations (re-plastering, new kitchen & bathroom etc.) and I am just in the process of pulling my money out of the first property done under a Ltd company. Interested in using finance as I don't want to keep tying my capital up in mortgages while I wait to refinance and I don't want to get black listed by lenders for developing under a BTL mortgage.

I'd love to speak to anyone with any experience in a similar situation or if anyone can point me towards any old threads where a similar topic has been discussed?

Thanks in advance!

Cheers,

Seb

 

[EvolutionBlogger]

If you are planning on doing a lot of deals, then you definitely don't want to piss off lenders. 

You need to find an expert in commercial finance, to navigate that market for you. I've had residential brokers try to sell me deals with a 10k produce fee and 1.5% interest per month

 

[Seb_Rolland]

Thanks for your response. Any advice on where to look? I'm quickly learning that knowing or finding the right people is a crucial factor. Problem is, it's so difficult to sift through and separate genuine honest professionals from the cowboys.  

[EvolutionBlogger]

just go to Google and call people up

[Seb_Rolland]

Appreciate that's how things are generally done in the modern world but I think there is still a lot to be said for word of mouth and recommendations. In a digital world where people can buy reviews and pay someone to optimise their website so it appears at the top of a search, I don't think that Google is a bombproof solution to finding great people to work with. It can be a very time consuming process to search through a company's history and credibility so if you can narrow your starting list down to begin with, I would say that's much more efficient.

[EvolutionBlogger]

I understand. If I had a name for you to call right now, I would give it to you 

[Seb_Rolland]

No problem, Thanks for the input.

 

[Simon Allen]

Hi Seb. I'd be happy to assist you with bridging. In the past I used to run a national bridging company and now arrange it for my clients who are all developers, investors and landlords.

There's lots of information online about me and the business and I've arranged finance for many Property Hub members over the years.

Regards Simon

[Seb_Rolland]

Hi Simon.

That would be great. Shall I search you out online and get in contact through that channel? Just so you know my position, I'm currently a couple/few weeks away from getting my money released (lenders/solicitors seem swamped due to SDLT break), but I haven't seriously started looking for the next project yet due to COVID restrictions.

Thanks & regards,

Seb

[Simon Allen]

23 hours ago, seb_rolland said:

Hi Simon.

That would be great. Shall I search you out online and get in contact through that channel? Just so you know my position, I'm currently a couple/few weeks away from getting my money released (lenders/solicitors seem swamped due to SDLT break), but I haven't seriously started looking for the next project yet due to COVID restrictions.

Thanks & regards,

Seb

Thanks Seb. My number is on this this thread and I've sent a message to you with the rest of my details. Regards Simon