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Bridging loans
humphrey88_2
Posts: 1 Newbie
Hi
I have a BTL property that I own with a mortgage, I'm renovating a second BTL, I want to become a professional landlord but I understand to get to the point I want to, cash flow will be a problem at certain times.
I have spoke to a few people regarding raising funds on my BTL to finish my 2nd property. I have heard of a bridging finance in the past, and it is an option for me, I have had terms off a broker who has quoted me a rate of 1.25% off a lender based in London called united bank ,
any thoughts?
I have a BTL property that I own with a mortgage, I'm renovating a second BTL, I want to become a professional landlord but I understand to get to the point I want to, cash flow will be a problem at certain times.
I have spoke to a few people regarding raising funds on my BTL to finish my 2nd property. I have heard of a bridging finance in the past, and it is an option for me, I have had terms off a broker who has quoted me a rate of 1.25% off a lender based in London called united bank ,
any thoughts?
0
Comments
-
That,s 1.25% a MONTH ? IS IT ?
Can you afford to buy and renovate a second property without the money?0 -
humphrey88 wrote: »I have had terms off a broker who has quoted me a rate of 1.25% off a lender based in London called united bank ,
any thoughts?
Ouch! A 15% per annum interest rate is going to wipe out potential profits.0
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