Bridging Finance Types of Interest - Bridging Loan facts you need to Know!
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- Опубліковано 16 січ 2023
- In this video we discuss the bridging finance types of interest, this could cost you even in a short term loan so watch this short video to get a better understanding of how it could work for you.
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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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Great and helpful video! I’ll be subscribing 😊
Hi, thank you for this video! I’ve been growing my money passively for the past 3 years now and am getting to the point in which I’m ready to start my property portfolio. This has helped a lot thank you
Happy to help! We also have tons of helpful infomation on our website too ☺ www.promisemoney.co.uk/bridging-loans/
so helpful
Glad you think so! ❤
Thank you so much! This has really helped me. Q - can u get a bridging loan when you have an IVA???
potentially but you will need a 40 - 45% deposit to include all rolled up interest. Also your exit will probably need to sale of the property as the IVA may cause difficulties getting a mortgage. Lenders may want to pay the IVA off. Not an ideal scenario
How do people typically service the loan monthly if the development during construction or renovation?
They service it by paying the interest each month from their disposable income. It’s more common on bridging loans or small development loans, especially if equity is tight as it allows borrowers to get more cash out at day 1.
However, in virtually every case for development finance the interest is included and deducted from the loan. Good luck