Bridging Loans Essex
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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Product Name: Loans
Product Description: Bridging Loans Essex
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.