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Exciting news for those looking to re-cycle cash after forcing the appreciation of a property through refurbishment or development!
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Sorry if I am missing something but ... how can you add value in one day?! Or is this really saying that you can remortgage as soon as you have added value?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
haha. Its just terminology. It's good to see Fleet Mortgages are following others, in allowing mortgages on a new value after works.To answer your question - a Lease Extention can be done in one day? Though could probably skip the 1 day bridge/cash purchase and go straight to term if the vendor does it on exchange.
_________________________________________________________________________My posts are not financial advice, just a rambling guy passing time on a coffee break.The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance._________________________________________________________________________
I spent about £130,000 on major renovation of my London property, only to be hit by the falling prices when I came to sell. Embarked before Brexit, finished after, around summer 2018. Chose to rent it out and move into rental myself. Getting large rent and will be considerably in pocket but am retired, living on private pension and rental profit. Only just moved; do you think I would meet the criteria for Fleet Mortgages?
Well the valuation would reflect the current market value, no way around that. Though there are remortgage options for you, the issue is yourself living in rental accommodation (not many lenders like that).
Just tried to ring you, bit reluctant to publically disclose all my circumstances. She couldn't get through
Im sorry - I have been in and out all day. The team here would be happy to help 08009202001 all very competent, we specialise in property investment finance.
Both, although you'd have to be a good negotiator to agree a purchase price, get in and add value during the purchase, get the bridge arranged on the purchase price for completion, and then have the remo on enhanced value arranged on day 1 too.
But, if you can, then we are the brokers who can help.
Alternatively, the other way of looking at it (in a less stressed and 'deal'-intensive way) is indeed that Property Tribes Financial Services can help the remos within 6 months (the typical threshold) for such remortgage requirements.
There are lenders who will remo within 6 months, but some of them will only remo a bridge based on the purchase price valuation. This range of products under this new proposition enables a quick remortgage up to 80%LTV of the new valuation on /from day 1.
Thanks for clarification - no doubt a very useful product to have in the property developer tool box!
Very interesting. Any advice to those using this type of product about how to manage the risk of gearing-up?
That's a case by case basis and depends on how many properties are already in the portfolio, how the LTV is balanced at the moment, the stress calculation etc.
What I cvan state is the lenders max LTV thresholds, as follows;
Maximum 80% LTV up to £1,000,000.
Maximum 75% LTV on loans between £1,000,001 and £2,000,000.
Maximum 70% LTV on loans between £2,000,001 and £4,000,000.
Maximum 65% LTV on loans between £4,000,001 and £5,000,000.Also, this lender allows mortgages up top age 95 and from age 21.Because BTL is no longer an 'off the shelf' strategy, a deeper review of current portfolio is required. For a quote to see if it works for you, contact the Team via the mortgages tab above or our contact details below.