General (main property discussion here) - Bridging Deals

Hi, I've spoken to a few financial advisors, but i'm interested in the opinon of people within this site. I want to purchase a property at auction, by using a bridging loan and then flipping this a day or two later to a BTL as a remortage (Basically no money down deal). There only seems to be a few lenders that actually ofter this service and will only do the deal if you've owned the property for three months or more.. I was wondering, if anyone else out there has purchased from an auction using this type of method or can recommend a bridging firm that could assist myself. I'm trying to finance the deal without putting any of my own money in.. Any advice would be appreciated, Regards Shaun.

Hi Shaun

I am a buy to let mortgage adviser. I can tell you that is possible to buy using bridging finance and remortgage day 1, we cater for that situations.

We are offering no broker fees and we will give you 40% commission cashback.

Please email me all the details to advice@startpointmortgages.co.uk or visit our website and request a quote: http://www.startpointmortgages.co.uk

Cheers Goncalo

If you need help with arranging a one day bridging loan we can help. We have a quite a few companies able to offer bridging finance to faciliate immediate BTL remortgages and can help with the remortgage itself.

As for advice, here are a few tips...

01) Check how long you have to complete the auction purchase. It's typically 28 days but could be as little as 14 days depending on the vendor.

02) Make sure you research the potential rent for your target property and that rent will allow you to raise a mortgage high enough to take out the bridging lender and recover cost of legals & valuations for both lenders.

03) With this strategy it is possible to do near "no money down" deals, "no money down deals" or even end up with cash in your pocket.

We can help you decide if a property can achieve your goal, you will have to provide the basic information, but remember you will still need to have cash for the initial legals & valuations.

For more information on "Bridging Loans" and "Buy To Let" mortgages visit http://www.ebslfinance.co.uk