Bridging Loan

scottgeorge

Can anybody advise on here..just joined.
I own outright a couple of properties but am short on income at the moment and wife isn't working also, but need to refurb a house that is ours then move in and sell current dwelling but will need at least 100k.
Does anyone have any experience of bridging loans ? Or any other method I could use to raise money short term?
Many thanks

[Deleted User]

If you have the required income and assets, then it could be possible.

scottgeorge

Assets yes...income not at the moment.

Caz3121

scottgeorge wrote: »

need to refurb a house that is ours then move in and sell current dwelling but will need at least 100k.

Could you sell and rent whilst doing the refurb?

scottgeorge

Its a possibility , but logistical nightmare for the family !

bargainbetty

Speak to your bank regarding secured loan possibilities, but bear in mind that you are unlikely to get a bridging loan as you have no fixed term for the return of the money (sales can take a long time, and you don't know when the property will be sold). You will therefore need to have a source of income to pay instalments on the loan/mortgage.


Does the property actually need £100k to make it habitable, or could you do less, move in and then work around it over time?

foxy-stoat

The most sensible thing to do would be to move into the property and sell the current one then do the refurbishment required with the cash from the sale.

scottgeorge

Ta , needs new roof and extending at rear for additional beds for kids . House in a nicer area with land but to small at the mo.
Is an option though .