BRIDGING OR SHORT TERM FINANCE
REFURBISHMENT FINANCE or AUCTION FINANCE
Examples of when this type of finance may be required are:
- A property is not mortgageable in its current state and needs work doing to it (refurbishment) before it can be mortgaged long-term
- A property is bought at auction and there is insufficient time to arrange a long term mortgage before the completion date
- The property is being converted from its original state into something else e.g. house into an HMO
- Any situation where speed of completion is of the essence
Bridging finance will usually be more expensive than, for example, a Buy to Let mortgage so the aim is to repay the short term loan and switch to a more conventional mortgage as soon as possible.
However many Buy to Let lenders will not allow you to remortgage a property until you have owned it for at least 6 months.
ibmco has contacts with a panel of short term lenders and also knows which Buy to Let lenders will allow a remortgage in a shorter period than 6 months.
Pav direct contact 07824 995361 email firstname.lastname@example.org
David direct contact 07984 855428 email email@example.com
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