Bridging loan advice

MrsPip84

Our predicament is…..
our house is currently for sale…..
We have the opportunity to purchase a house for £90k (private quick sale) it’s a wreck but soooooo much potential.  
We have enquired about a bridging loan and it is an option, however we are trying to think ‘worst case’ 
‘best case’ is we get 90k bridging loan, purchase the house, once we know what we are dealing with hopefully just minor and cosmetic we will apply for a mortgage (get it valued - we anticipate this will be around £150k in its current state) which will then give us the funds to pay the 90k straight back and the rest to spend on renovations. 

‘Worst case’ is the work is worse than we anticipate in order to get a mortgage so it costs us time to get it straight before we can mortgage it. 

My questions / concerns are:

1. What happens if we sell our current property in the meantime? 

2. Can the 90k bridging loan security be transferred to the house we will of bought with the 90k? 

Or would the 90k need paying back as it’s no longer secured on anything?? 

3. Is it possible to get a second bridging loan….so if the first 90k is secured on our current mortgaged home and our home sells before we are able to acquire a mortgage on the new house (we’re thinking worst case that work needs doing to get it up to mortgage standard) are we then able to take another 90k loan on the new home we have bought with the original 90k to then pay the first one off? 

Apologies if none of this makes sense or perhaps I’m living in a dream world but my head is spinning off with all the different outcomes….. this opportunity is legit and an absolute steal but at the same time we want to consider all scenarios as it’s a huge commitment. 

We have the determination and future plan for the home it’s just making sure we get it right from the start with regards to the money. 

We understand the interest rates are high the longer you have the bridging loan for but we aim to have it paid straight off asap.