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bridging loan
Comments
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Can you pay the 25% out of you own pocket now???
The bridging loan company will only go to a maximum of 75% of the property value, when they value it. This is not the value of the property that you buy it for.
On top of this, you may want to spend on it to bring it up to retail value.
JoeK
I can pay 80% now, I only want to borrow about 10 - 20% LTV as an interim measure. So I can apply for a proper mortgage for about 40 - 50K (to repay the interim loan and my family creditors and have a bit left over for spending on the property. I think the Lloyds Bank loan above is going to be the one to use they give the money instantly into your current account. Need to talk to Lloyds tomorrow.0 -
All the best
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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