Bridging Loans - How to use short term bridging and avoid costly mistakes
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- Опубліковано 7 вер 2024
- In this video we discuss tips to fast bridging loans, the best rates and alternatives to bridging so you don't get trapped or make rookie mistakes.
Get more info at: www.promisemon...
#bridging #bridgingfinance #bridgingloans
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1st charge, 2nd charge and even 3rd charge
Term loans, short term bridging, Interest only
Mainstream and specialist / complex products
Residential, BTL, HMO, Commercial, Development & Unsecured Business Loans.
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Representative example
66% of our clients get these rates or less - (This is not a specific example of this product above)
£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years - variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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best most knowledgeable guy on youtube! Thanks so helpful
Happy to help!
Super helpful. Thank you x
You’re welcome 😊
Pleasure. Good luck
very helpful, very thank you
Very informative. Could you suggest any lenders that could lend on a multiple flats that require lease extension? I.e. buying the flats, extending the lease, thereby increasing their value and then refinancing?
Sorry.
It really depends on the numbers and your experience
Feel free to email details to sales@promisemoney.co.uk
@@PromiseMoney1 Will do, many thanks!
Exceptional video. Super informative. Highly recommended!
well done great video, what if I get a bridging for 12 mounth and I ready to remortgage in 7 mounth
If the loan has 12 months interest built into it, but you exit before the end of month seven, the general principle is that the remaining three months are deducted from the settlement figure. I.e. you don’t pay them
What is the rough cost of legals that I can be expected to pay on behalf of the lender for a bridging loan of 100k? It’s my first time and I want to have awareness of my added expenses
Thanks
Depends on first or second charge. Purchase or remortgage. Residential property or commercial. Budget £1500 to 2500
@@PromiseMoney1 thank you..
It’s for a second charge bridging loan using 2 residential properties as security, to raise just 100k
@@rahulkukar3929 as there are two properties involved, that’s extra costs. However, on second charge is the solicitors fees tend to be lower.
There are some blenders which are very good at doing second charge bridging. There are others which are not so good.
It also depends on whether the residential properties you refer to our owner occupied or rented out.
There is still lots of variables
This is definitely not a DIY project. Your broker should sort this out for you and giving you the answers.
Is there a email address i can send a scenario to and see if its possible with a bridging loan?
Sure. Send it to sales@promisemoney.co.uk