We often help those who are wanting to get into property, and we have lenders available that do not penalise you for being a first-time investor.
The genuine answer to this question is, ‘it depends’. It depends on several factors relevant to the transaction (purchase price, loan amount, type of property, etc) but we must be clear that the cost is all relative to the transaction. Bridging Finance is a short-term finance option and so needs to be considered as such and should not be compared to longer term finance costs.
Commercial mortgage lenders put a lot of impetus on experience. If you are buying a commercial property which you intend to occupy on completion, then you will need two to three years full accounts. If you are buying a commercial investment property, then you may not need any trading business accounts. However, be prepared to evidence your experience of owning & operating properties of the type you are buying. I.e., Retail, Offices, etc.
‘LTV’ means Loan to Value. It is the percentage (%) of loan you can raise against the purchase price, or valuation of the property asset you are buying or raising funds against.
Interest rates are ever changing due to the economic climate and therefore for real time rates, please contact us to enquire for a quotation.
Typically, you (the client/ borrower) will pay for the lender’s valuation of the property you are attempting to finance. In some circumstances, there may be a free valuation as a lender incentive, but this can only be confirmed once we have the full details of the enquiry.
Yes. Where the application is in the name of an entity, such as an LLP or Limited Company, Directors and Shareholders will be required to provide a Personal Guarantee (PG).
Most auction houses require you to complete within 14, 28 or 56 days and we can raise funds in each time frame. The most important point for us to make clear is that you should always read the legal pack prior to bidding at auction so that you know how much time you have. It would also be sensible to ensure you have the finance in place, prior to bidding at auction. This is something we can help with.
Yes. Word On The Street have many lenders on panel that offer Bridging & Refurb finance, and we can raise funds to cover a shortfall, or 100% of refurb costs, depending on the transaction. Get in touch to talk to us about the project you are considering, and we can help.
Please refer to our Credit Broking Agreement for confirmation of our fees.
This depends on the product type. Each lender has different product and loan criteria which we will only be able to confirm once we understand your enquiry in more detail. Please contact us to enquire for a quotation.