Bridging loan advice please

selectcase

I am looking for some advice as to reputable bridging loan companies.
Basically I have sold my house and bought a barn with full planning consent for conversion - I am now living with parents. Architect drawing done and building control approved etc. I need 65 -70k to build as per builders quote (its a relativly small barn conv)

Land valuation at present 100k - when barn completed - 200k. I initially went via buildstore for a selfbuild but was turned down at the second/final credit check stage as i have 2 defaults listed in oct 06 although they are reciently settled.

so this puts me in the situation that I own the plot/barn outright - I have no debts and earn 30k a year and i need 65k to get it built. A bridging loan looks to be the only solution for about 6 - 9 months to get it built then get a light/adverse mortgage when its finished around december 08 unless anyone else has any ideas
I am also tempted to just do it myself bit by bit ending up with no debt as i have 1k a month left over at the mo but my wife does not want to wait that long!!

homer_j_3

Bridging is expensive whatever way you look at it - you will have entry and exit fees and the interest rates will be dear in comparison to a mortgage - but clearly as you cannot get a mortgage i do not know how beneficial it is to look at it that way.

I would say that you have to conisder the risks fully, like what if you cannot get a mortgage once finished, what if cost spiral and you cannot finish the build etc.

selectcase

All good points and worth considering thanks

Conrad

Checkout these two slef build options;

Hampshire Trust
The ecology building society