Bridging Finance

RupertBB

Has anyone had experience of using bridging and are happy to recommend a company ? 
We are buying a property for £368,000.00 (using savings) and intended to use £70,000.00 from the sale of a BTL flat to complete the balance. Despite having sold early January we have still not even exchanged, never mind complete, with no idea of when this will happen. This is now holding up the completion of our purchase. I am so tempted to pull the sale of the flat as i can mortgage and take out £34,000.00 (I took out the same amount from another flat in the same block so i know this will stack up). I just need to see if we can secure bridging for £70,000.00 for until we release £34,000.00 from the remortgage and then repay the balance over the next 12 months or sooner when we have sold our main family home (easier said than done at the moment !)

Anyone help ? :-(
Thank you
Paul

[Deleted User]

You say you sold in January, but it doesn't appear that you have. It looks like someone may have made an offer, but not followed up on it.  That's a long way from being sold.

Bridging loans are expensive and a high risk strategy for the borrower. If you're determined to go down this route, use a decent broker who can give you the best option. Other people's experiences won't be relevant to your circumstances.

DCFC79

Have you inquired as to whats holding up the sale ?

RupertBB

A company who are buying several (type of housing association) - our solicitor knows of others taking this long to complete too. Seems to be their MO. Files are probably sitting in someone’s in tray & no-one is taking responsibility. Was supposed to complete by 4th April & I get we had a lockdown but should be completing but still no sign. Bridging is a last resort.