Bridging Loans London
Bridging Loans London
Given the cost and different types of property in London, it is no surprise that there are times when people need short-term/bespoke assistance on financial matters.
If you live or want to buy/develop in London and need a Bridging Loan, you should get advice from the experts. The costs associated with bridging loans means you want to make an informed decision, and we are more than happy to assist you.
Why do people require bridging loans?
The most common requirement for a bridging loan comes with property developers looking to buy an asset where a traditional mortgage isn’t suitable. However, the following reasons are common in London:
When buying at an auction, there is a 28-day period to complete the purchase, and conventional mortgages are typically not suitable due to the time frame; but a bridging loan is:
- If a property is uninhabitable, being in poor condition or lacking necessary facilities, a conventional mortgage might not be available.
- If the property is undergoing a “change of use”, such as an office block being converted into residential flats (Converting Commercial to Residential), a bridging loan is a common way to finance the deal.
- When a break occurs in a property chain, bridging loans are commonly used to complete the deal at short notice.
Bridging loans are expensive, especially in London, so it is essential to have an exit strategy in mind. Some of the most common ways to pay off a bridging loan include:
- Perhaps after refurbishment work, selling off the property and using the income to pay off the loan.
- Refinancing onto a Buy to Let Mortgage, Commercial Mortgage or a HMO Mortgage; which is useful for landlords increasing their property portfolio.
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Bridging Loans London
Product Name: Loans
Product Description: Bridging Loans London
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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.