Hi Justin, what i m afraid of (or at least i dont get yet) is that when i m done with the refurbishment and i d like to refinance the property then aren t there stricter requirements getting a mortgage that would refinance the bridging loan? Meaning, i must have a frequent income to prove that i m able to pay for that mortgage which on the other hand is not necessary for the bridging loan. What if you d like to purchase your 2nd or 3rd property for renting purposes? Does the bank accept your request as your "plan" is that you d like to rent it out without having a workplace or business that would generate enough income to pay for those mortgages?
Hi Justin, myself and husband are currently considering the BRRR strategy. What if we have the £50k, do we still need a bridging loan for the remainder of the purchase price and reno? I know this is an old video, but we would appreciate your response.
i have never heard of bridging before until 2am this morning. i have a small amount of £10K and know i will need to double or even tripple that before i can get into the business of buying and flipping to make a profit to pay back the bridging loan. this has been very insightful
Good evening Justin just watched your bridging loan video absolutely fantastic,great amount of information.My one very simple question to you is,my wife and i want to get into property flipping,however we only have £20,000 to play with ,and we dont have any family or friends that would help us make up the shortfall required ,as in your example on the white board. So what would you recommend we should do to achieve our goal of getting our first property to flip. Amazing channel by the way .
JUSTIN There is an article on Google News today 30/5/24, "I lost 57 buy to let properties" an article which chronicles David Northrop, and his fight with Banks and Receivers – I think you should read this article.
Very interesting video Justin, but perhaps a continuation video would be possible, where by you shared your calculations on how you arrived at your £50-60k “cash in” figure?
Great Video, as a mortgage and bridging loans advisor I can say this is a spot on introduction . Some lenders can look up-to 80% of day one for larger loans aswell as covering 100% of works cost also!
Only point I would add is bridging can fund purchases within 30 days where traditional mortgage lenders can’t making it great for auction purchases
15 comments
Can you use bridging without a deposit?
Hi Justin, does bridging cover purchase price & refurb cost.. or do you have set aside some money of your own to handle returbs
Hi Justin, what i m afraid of (or at least i dont get yet) is that when i m done with the refurbishment and i d like to refinance the property then aren t there stricter requirements getting a mortgage that would refinance the bridging loan? Meaning, i must have a frequent income to prove that i m able to pay for that mortgage which on the other hand is not necessary for the bridging loan. What if you d like to purchase your 2nd or 3rd property for renting purposes? Does the bank accept your request as your "plan" is that you d like to rent it out without having a workplace or business that would generate enough income to pay for those mortgages?
Hi Justin, myself and husband are currently considering the BRRR strategy. What if we have the £50k, do we still need a bridging loan for the remainder of the purchase price and reno? I know this is an old video, but we would appreciate your response.
if i have a business plan created will that help with my BTL Ltd mortgage aplication?
i have never heard of bridging before until 2am this morning. i have a small amount of £10K and know i will need to double or even tripple that before i can get into the business of buying and flipping to make a profit to pay back the bridging loan. this has been very insightful
Hi Justin. Isn’t there bridging companies that lend the money for the purchase price and the refurb? They incorporate it all as part of the deal?
Good evening Justin just watched your bridging loan video absolutely fantastic,great amount of information.My one very simple question to you is,my wife and i want to get into property flipping,however we only have £20,000 to play with ,and we dont have any family or friends that would help us make up the shortfall required ,as in your example on the white board. So what would you recommend we should do to achieve our goal of getting our first property to flip. Amazing channel by the way .
Kind regards Stephen and kim
Good video young man. Have you used bridging to fund any of your own projects?
JUSTIN There is an article on Google News today 30/5/24, "I lost 57 buy to let properties" an article which chronicles David Northrop, and his fight with Banks and Receivers – I think you should read this article.
Another great video with all the details needed.
Thanks Justin 👍
Great video🌞, Justin. As an aspiring property investor, I fine this very helpful.❤
Very interesting video Justin, but perhaps a continuation video would be possible, where by you shared your calculations on how you arrived at your £50-60k “cash in” figure?
Thanks Justin, clear enough! I would just clarify whether bridging goes for a spv as well as for sole proprietor?
Great Video, as a mortgage and bridging loans advisor I can say this is a spot on introduction . Some lenders can look up-to 80% of day one for larger loans aswell as covering 100% of works cost also!
Only point I would add is bridging can fund purchases within 30 days where traditional mortgage lenders can’t making it great for auction purchases