One of the most common types of bridging finance is to provide assistance for investors to increase their buy to let property portfolios. There is a requirement for short term funding from a bridging loans specialist such as ourselves because:
Although the high street lenders cannot cater for the above, Bridging Loans Ltd is able to provide funding in all of these scenarios. Additionally we may be able to finance up to 70% of the purchase price of buy to let flats or houses. We may also be able to lend a large proportion of any renovation cost. Once your flat or other investment property has been refurbished, rented out under an Assured Short hold Tenancy (AST), you will be able to procure a long term mortgage which in turn will repay our bridging loan.
Many buy to let properties have been purchased at public auction. The purchaser will usually have to pay a 10% deposit on the auction day. This will secure the purchase of the property and the balance of the funds will be payable by the purchaser within 28 days. The purchaser therefore does not have a great deal of time to arrange finance, but with the assistance of Bridging Loans Ltd, funds will be in place for the auction purchase to be completed within the required timescale, without incurring a penalty or forfeiting the 10% deposit.
Please contact us on 0141 332 8884 to find out more about a bridging loan on your buy to let property.