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Bridging Loan; a Yes or a No-No?
tricky question to answer - what for ? is it to buy a renovation then sell, or convert into a let on BTL loan ?
its it mortgageable now on BTL basis - ie kitchen / bathroom serviceable etc ?
there are lenders who will support light renovation - ie buy it for 70, spend 15k on it then revalue for 90k and end up with 75% LTV on end val.
or bridge loan for a few months in order to do work, then refinance onto BTL.
Not enough information provided to give you an answer I am afraid.
There will always be instances where Bridging works but that doesn't mean that everybody will go for it. Its a personal decision based on so many variables.
Mr Mark Alefounder
Mortgage & Protection Broker
Optimum Independent Financial Advisers
Mobile 07716 647 928
Tel: 01206 366700
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As per our conversations and emails throughout this week, bridging finance (and this also applies to mortgages, secured and unsecured loans, credit card funding, P2P etc etc) is 'right' for 'right situations' and not right for others.
It's all down to your own personal situation, including the 'need for speed' and the exit strategies, as well as many other factors too.
So, there is no specific answer the generic question, it all boils down to the actual circumstances on the day of enquiry.
By the way, the Terms are on their way to you for your approval! :-)
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