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Vicky Nunes

Episode 203: Don't be afraid of bridging finance

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Listen to this week's podcast here.

 

In this episode we're going to speak to our very own Rob D in the capacity of 'guest expert'  and we're going to look in depth at bridging finance...

 

Rob D has been focusing a lot of his investment around bridging loans rather than purchases recently, and he tells us why this has worked for him. He even started his own bridging finance company LendSwift to formalise his involvement in this sector. 

 

In this episode Rob & Rob explain the basics of how bridging works, when it is a good idea, and when it's to be avoided.

 

The Robs also discuss when you can use bridging to buy properties that you can't ordinarily raise a mortgage for, and crucially give you their golden rules of bridging.

 

Have you any experience of bridging? Do you think you would use it in the future? 

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Hey everybody

 

I really enjoyed this podcast and I wish I had heard it 4 months ago

 

I thought I would chip in and just give my recent experience on bridging

 

We had an offer accepted in September for a property which was a divorce case and we expect 40 + percent bmv

 

The agent put a lot of trust in us. the property had structural problems and a derelict shop attached to it and previous sales have fallen through because of these problems

 

We approached a large national brokering company and they found a bridging lender who would work with us and the property and our offer was accepted. The bridging company was Roma finance.

 

To cut a long story short the broker really let us down by not mentioning that this particular Bridger works at the pace of an ordinary mortgage company. It took 10 weeks to get through and we almost lost the deal. It was only because we exchanged contracts prior to arranging the bridging finance that we secured the completion. 

 

It's an important lesson to us as we assumed bridging finance just worked fast as that's what you hear but it is not the case, not all Bridgers are the same

 

We approached lend Swift two weeks before the actual completion. 

 

There was a massive amount of difference between the response we were getting from Lend Swift and our broker / bridging lender.

 

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