Bridging Finance

koexelek

Can anyone recommend a good company for bridging ?

Clients need to raise £350k against a £900k purchase price. Money needed within a week.

They have already paid a deposit, and although I have applied for a mortgage for them, there is no way the lender is going to come up with the cash within a week.

I have not done any bridging finance for years, so not sure who to go to first

minimike2

Closed bridge then - assume it will be repaid from mortgage funds in full?

You could try Bridgebank Capital. You would have to look them up for number as ours is for our network members only.

koexelek

minimike2 wrote: »

Closed bridge then - assume it will be repaid from mortgage funds in full?

You could try Bridgebank Capital. You would have to look them up for number as ours is for our network members only.

Yes, closed Bridge.

Thanks for that. They are one of the companies on my list to try on Monday morning.

I've got a list of nine companies out of Mortgage strategy magazine, but none of them give much away on their websites about costs.

I think 1% arrangement fee and 1.25% per month looks like the going rate.

minimike2

Who else is on your list?

Bridgebank are the ones I would use and theres one other thats part of Blemain but i cant remember thier name.

koexelek

minimike2 wrote: »

Who else is on your list?

.

Affirmative Finance
B M Samuels
Credit & Mercantile
Excel Securities
Mathon
Mayfair
Tiuta

Never dealt with any of them

sarkin

Bloody hell nice work if you can get it

minimike2

koexelek wrote: »

Affirmative Finance
B M Samuels
Credit & Mercantile
Excel Securities
Mathon
Mayfair
Tiuta

Never dealt with any of them

I wouldnt bother with Mayfair tbh. The others I havent ever dealt with (or even heard of most, which is a bad sign).

koexelek

minimike2 wrote: »

I wouldnt bother with Mayfair tbh. The others I havent ever dealt with (or even heard of most, which is a bad sign).

I'll give Bridgewater ( who you suggested) a try , and Credit & Mercantile. They seem to have a decent reputation.

Trouble is, a lot of lenders who used to do it, don't do it anymore.

Tiddler_2

I've just arranged my first bridging via Affirmative - they are charging approx 2% fee & 1.45% per month - but mine is a 6 month arrangement for someone who has bought some land at auction and needs to pay for it whilst sorting out change in planning etc for a home he wants to build.

Service is pretty good so far

Kavanne

Quick q, my mum is selling her house at an asking price of 459000, no mortgage, buying at approximately 200000. Any chance of her getting bridging finance? She is a pensioner with a limited income She seems to think she can, but I think it's doubtful.....

koexelek

Kavanne wrote: »

Quick q, my mum is selling her house at an asking price of 459000, no mortgage, buying at approximately 200000. Any chance of her getting bridging finance? She is a pensioner with a limited income She seems to think she can, but I think it's doubtful.....

I think she could. Some companies will " roll up" the interest, so that it is paid in one lump sum along with the capital. Therefore, no monthly payments are made.

Don't know if I'd advise it in this situation though, unless your mum is close to selling.
If the £459k house didn't sell for a while, you would be talking a lot of interest