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Purchasing and Renovating Property using Bridging Loan
Adezoo
Posts: 127 Forumite
Anyone with experience on how to purchase, renovate and refinance using bridging loan? I know they usually require you to complete the project within a specified period before accruing interest. What are the steps? Should you request for finance first or wait almost completion? Or should you apply for planning while purchasing the property?
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Comments
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You need to sort out your finance as a first step. Know where it's coming from, what it will cost, and when it needs re-paying. Only then can you start seriously considering a purchase.If Planning Permission is a pre-requisite for the project, you need to be pretty sure you will get consent, otherwise you could end up with a property you are not able to develop as hoped.0
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Have you had a quote for bridging finance?Think credit card rates of interest. Bonkers idea.Everything that is supposed to be in heaven is already here on earth.
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Why are you considering using a bridging loan for such a project?Adezoo said:Anyone with experience on how to purchase, renovate and refinance using bridging loan?0
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