Buy-to-Let Properties Bridging Loans

A very common requirement for a bridging loan is funding for buy-to-let properties.  Short term finance is usually required from a specialist bridging lender because:

1. most high street lenders will not provide buy-to-let mortgages until the property has been owned for at least 6 months.
2. most high street lenders will only provide a buy-to-let mortgage if the net rentals cover the interest payments by a factor of at least 125%.
3. most high street lenders will not lend on unoccupied rental properties or properties that require renovation work prior to being put on the rental market.

Bridging Loans Ltd can provide funding in all of the above circumstances.  We may, in addition to financing the purchase price of the buy-to-let property, be able to lend a proportion of the refurbishment costs.  Once the property has been renovated and let out, you should be able to obtain a long term mortgage to replace the bridging loan.

Very often a buy-to-let mortgage will have been purchased at auction.  A 10% deposit is usually payable on the day of the auction, to secure the purchase, with the balance of the cost being payable within 28 days.  This does not give the purchaser much time to arrange funding, but with the help of Bridging Loans Ltd, funds can be made available for the purchase to be completed on time and without penalty or forfeit of the deposit.

To enquire about a bridging loan on a buy-to-let property please call us on 0141 332 8884 and we can discuss your requirements.