Bridging Loan Recommendations
Discussion
Can anyone recommend, by way of actually having dealt with, a bridging loan specialist. Due to the current financial market disruption I am receiving very different terms and costs. This is domestic finance not business.
My credit file is excellent and so is my affordability. Any recommendations greatly received.
My credit file is excellent and so is my affordability. Any recommendations greatly received.
Define "money I need" 
Situation is I've found a property I actually want to live in and my current house is advertised. Owner of the house of my interest is wanting a quick sale (yet they are slow to return emails). I want finance in place to buy both houses, effect minor repairs on the house I'm in so I can present it for the best value, while guaranteeing purchase of the new house.
I have a couple of quotes already and am aware of the financing costs, I need to be sure that I am getting competitive rates. Already have an agreement in principle (although that is not actually a thing with a bridging loan).
Happy to pm details if you can help.
Situation is I've found a property I actually want to live in and my current house is advertised. Owner of the house of my interest is wanting a quick sale (yet they are slow to return emails). I want finance in place to buy both houses, effect minor repairs on the house I'm in so I can present it for the best value, while guaranteeing purchase of the new house.
I have a couple of quotes already and am aware of the financing costs, I need to be sure that I am getting competitive rates. Already have an agreement in principle (although that is not actually a thing with a bridging loan).
Happy to pm details if you can help.
LordFlathead said:
Define "money I need"
Situation is I've found a property I actually want to live in and my current house is advertised. Owner of the house of my interest is wanting a quick sale (yet they are slow to return emails). I want finance in place to buy both houses, effect minor repairs on the house I'm in so I can present it for the best value, while guaranteeing purchase of the new house.
I have a couple of quotes already and am aware of the financing costs, I need to be sure that I am getting competitive rates. Already have an agreement in principle (although that is not actually a thing with a bridging loan).
Happy to pm details if you can help.
Is there enough equity to remortgage house 1 on a zero redemption fee product, then use the proceeds against house 2 ?Situation is I've found a property I actually want to live in and my current house is advertised. Owner of the house of my interest is wanting a quick sale (yet they are slow to return emails). I want finance in place to buy both houses, effect minor repairs on the house I'm in so I can present it for the best value, while guaranteeing purchase of the new house.
I have a couple of quotes already and am aware of the financing costs, I need to be sure that I am getting competitive rates. Already have an agreement in principle (although that is not actually a thing with a bridging loan).
Happy to pm details if you can help.
(not a mortgage expert, but that's what I did a few years back)
LordFlathead said:
Define "money I need"
Situation is I've found a property I actually want to live in and my current house is advertised. Owner of the house of my interest is wanting a quick sale (yet they are slow to return emails). I want finance in place to buy both houses, effect minor repairs on the house I'm in so I can present it for the best value, while guaranteeing purchase of the new house.
I have a couple of quotes already and am aware of the financing costs, I need to be sure that I am getting competitive rates. Already have an agreement in principle (although that is not actually a thing with a bridging loan).
Happy to pm details if you can help.
Sorry, only just seen this, depending on the numbers involved I think I can help if you want to drop me a line? Situation is I've found a property I actually want to live in and my current house is advertised. Owner of the house of my interest is wanting a quick sale (yet they are slow to return emails). I want finance in place to buy both houses, effect minor repairs on the house I'm in so I can present it for the best value, while guaranteeing purchase of the new house.
I have a couple of quotes already and am aware of the financing costs, I need to be sure that I am getting competitive rates. Already have an agreement in principle (although that is not actually a thing with a bridging loan).
Happy to pm details if you can help.
My strongest recommendation is to not do it. I would rather drop my sale price by £50k than do bridging unless we are talking about a few days.
It is the fastest way to burn money.
The majority of bridging loans never complete as the customer cannot bring themselves to sign the paperwork for how shockingly bad they are for costs.
IMO...
There is obviously a time and place for them.
It is the fastest way to burn money.
The majority of bridging loans never complete as the customer cannot bring themselves to sign the paperwork for how shockingly bad they are for costs.
IMO...
There is obviously a time and place for them.
Sarnie said:
Sorry, only just seen this, depending on the numbers involved I think I can help if you want to drop me a line?
The offer on the new house has been accepted, I've just been tying up the solicitors so they can act for all parties (my side). I have new calcs coming from the BL lender based on the actual agreed value. Happy to ping something over but I fear it might be too late now. Caddyshack said:
My strongest recommendation is to not do it. I would rather drop my sale price by £50k than do bridging unless we are talking about a few days.
It is the fastest way to burn money.
The majority of bridging loans never complete as the customer cannot bring themselves to sign the paperwork for how shockingly bad they are for costs.
IMO...
There is obviously a time and place for them.
Yes I could write off £50k here but I'm selling a car to refinance a home and we know which way cars go in value. I didn't want to lose this opportunity and therefore lose the house, so that is the value "lost" in a bridging loan. Of course, in ten years the car would be worth £30k losing £50%. In ten years the house will likely be +£50-100.. who really knows. But; I'd rather spend monies on properties than cars at this level.It is the fastest way to burn money.
The majority of bridging loans never complete as the customer cannot bring themselves to sign the paperwork for how shockingly bad they are for costs.
IMO...
There is obviously a time and place for them.
All man maths and self justification of course.
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