Help I need £80k...!

Katmc2k

I've been asked by a friend to help her organise a bridging loan for £80k. :eek:

She's in the process of selling two flats to buy a house and needs to move quickly but she's not sure if both of the flats will sell in time.

She really wants the house and so is prepared to take out a bridging loan to make up the shortfall for a few months, although obviously she would like to keep the cost to a minimum.

Can anyone recommend the cheapest/best place to get a bridging loan or any other way of getting £80k on a short term basis? The flats shouldn't take more than a few months to sell.

Thanks a lot folks, I'm hopeless at this sort of thing!

Katmc2k

anyone?

Dithering_Dad

I'm not sure you'll get many posters offering advice on this one as it's got disaster written all over it! If your friend doesn't sell her flats she could end up in a terrible financial state.

If it's "meant to be" then she will be able to come up with the money without having to take out a hugely expensive bridging loan.

No house is so perfect that it's worth risking everything for, surely?

Debt_Free_Chick

Existing lenders would probably be most flexible - even if they're not the cheapest.

jonesMUFCforever

I would go as far as to say that only her existing lender would be interested.
Expext a large fee for taking security over one or both of the flats, a percentage of the loan as an arrangement fee - all this assuming she could afford the monthly interest.
I would also expect the bank to charge more on an 'open' bridge rather than a 'closed' one (where contracts have been exchanged.

Katmc2k

Thanks for your replies.

Both flats are mortgage free so no existing lender, they are both nice flats in very popular areas and should sell in a few weeks. She really wants the house and is willing to/can afford to take a bridging loan to ensure she gets it, I just need some suggestions of companies/websites that can give me more info or a good deal...

She can certainly afford it but obviously doesn't want to pay over the odds unnecessarily by just taking the first bridging loan offered to her. are they all quite similar or are there any particularly good companies/banks? do you need to have an account with them?

thanks for any help! x

angeldelite

i know this is of know help whatsoeva but i was wizzing down the forums and thought the thread said 'help i need a fook'!!! :rotfl: sorry i will now go to bed cos my mind is wandering!

jonesMUFCforever

I think to be honest only somebody who knows her financially will be interested eg bank or building society with whom she already has a relationship.

hearts

Try on this site there are guys who will help. https://www.singingpig.co.uk
Or go to a FA and get some advice. If as you say the properties are mortgage free it will be easy to raise capital.

sciencegeek

why could she not offer a good price for the house so she is accepted to be the buyer?

Then she dilly dallies over the deal until her flats sell. I thought this was how chains worked??

The money she saves by not taking out the expensive loan she could add to her offer to sweeten the deal.

JoeK_3

Katmc2k wrote: »

I've been asked by a friend to help her organise a bridging loan for £80k. :eek:

She's in the process of selling two flats to buy a house and needs to move quickly but she's not sure if both of the flats will sell in time.

She really wants the house and so is prepared to take out a bridging loan to make up the shortfall for a few months, although obviously she would like to keep the cost to a minimum.

Can anyone recommend the cheapest/best place to get a bridging loan or any other way of getting £80k on a short term basis? The flats shouldn't take more than a few months to sell.

Thanks a lot folks, I'm hopeless at this sort of thing!

Try http://www.bridging-loans.info

JoeK