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This is for any property investors thinking of bridging finance

This is for any property investors thinking of bridging finance

With bridging, everyone will have a different set of priorities.
A recent survey reported 44% of borrowers said speed was their main priority.
Getting hung up on interest rates can be counter productive and loose the deal and whilst interest rate is an important factor, it can have less impact on short term borrowing whereas fees can have a greater affect on the overall cost of borrowing.

So it’s important to know your priority at the outset.


ULTRA FAST BRIDGING


We have a lender which does same day legal completion and often avoids a valuation by visiting the property themselves.
We expect straight forward non regulated 1st charge bridging to completing within 5 days of the initial conversation


FAST BRIDGING

We offer a number of lenders with dual legal representation and a very slick back office process to turn cases around in a week or two
We know from frustrating experience that borrowers favoured local solicitors usually slow matters down – lack of pace and understanding of bridging – help us avoid this by using a specialist solicitor. They often cost less and almost always outperform.


HIGH LTV BRIDGING

Just as important as choosing a lender with a slick process is structuring the deal so it stacks up. Watch out for headline LTV’s (there are lenders offering 80% LTV bridging but based on the 90 day valuation. 75% of the open market value may yield more. Also be prepared to throw other properties in to the pot – second charge loans on your main residence are available up to 125% LTV. Might this raise extra cash which enables you to get a different bridging deal – or even a different property?

BRIDGING RATES & FEES

These are secondary considerations when you need money fast and guaranteed. However fast doesn’t necessarily mean more expensive. A lender which has cheap legal costs and no valuation fees could work our far cheaper than the lender offering the lowest headline rate. That why you need a bridging expert to compare the options against your priorities.

PROACTIVELY GETTING INVOLVED

Understanding your priorities at the outset is absolutely key. We deal directly with the borrower, lender and the solicitor, helping everyone through the draw down process for faster completions.

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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.

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