Bridging Loans Essex

Buy at Property Auctions.
Property Refurbishment.
Quick Finance.
Chain Break.
Uninhabitable Properties.
Property Conversions.

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Bridging Loans Essex

If you live in Essex and are considering taking out a bridging loan our experienced consultants would be happy to explain how it all works and the costs involved.


Why do people take out bridging loans?

A bridging loan is commonly used by property developers to purchase an asset which is not suitable for conventional mortgages. We see bridging finance typically being used for the following purposes:

  • Buying at Auction - If you are successful at a property auction you will normally have to complete within 28 days and to achieve this through a standard mortgage is unlikely.
  • Uninhabitable Properties - Possibly the property is in poor condition and has no kitchen or bathroom making it unsuitable to traditional mortgage lending.
  • Change of Use - If you plan to make major changes to the building for example convert offices into residential flats or change a property into a HMO (House of Multiple Occupation).
  • Chain Break - Maybe your buyer has pulled out and you need to sell to be able to complete on the new purchase.

It is important that you have a clear goal of how you intend to pay off the bridging loan also known as the exit strategy. Common exit strategies include:

  • Sale of property - Once the refurbishment is complete maybe you intend to sell the property to pay off the finance.
  • Re-Finance onto a Buy To Let Mortgage - Maybe you want to build a property portfolio, so therefore you intend to raise a buy to let mortgage on the property to clear the bridging loan and have a long term investment.

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Bridging Loan FAQ's

Are Bridging Loans a Good Idea?
This all depends upon your circumstances. You should always explore all potential financing routes that maybe available to you such as a mortgage, secured loan &/or family/friends and bridging loans. You should speak to a qualified consultant to discuss the advantages and disadvantages involved, so you are fully informed.
How much does a bridging loan cost?
The cost and fees involved can differ from lender to lender and case by case. Typical fees involved are a valuation fee (payable upfront), Lender Arrangement Fees, Legal Fees and monthly interest charge. Your quotation provided will outline all associated costs and when payable.
Bridging Loans Essex
The Money Hub

Product Name: Loans

Product Description: Bridging Loans Essex

  • Rating
5

Kavita

Gary has been great from the start, very professional and friendly. this was my first commercial finance and he answered all of my questions no matter how small & explained everything very well, for me to understand the whole process. I would definitely recommend TMH & if needed use their services again.