Commercial Bridging Loan

[Hobo]

Having never looking at these before I am a little 'green' about them.

I am looking to purchase a plot, however don't want to start the development of said for another 6 months (ish), and so a bridging loan seems the way to go (look at other options, but this seems the most viable).

Obviously the costs are far greater than a standard residential/commercial mortgage, and are being quoted around 1.25% per month based on a 65% LTV loan.

Does this seem about right ?

[scotal]

That'd be about right for open bridging.

What are the arrangement and exit fees like??

1% on the way in, and then one months interest on the way out?

I'd have thought you could do better with a land purchase?

[scotal]

Hobo said:

Alex,

What would you think possible with a land purchase, ie a better LTV or rates ?

I am interested to know, and may be able to put the business you're way if you'd be interested, however would have to act quickly.

[e-mail]

Blimey you're up early.

Let me have a quick think. Email on its way.