Bridge to Let Loan
Posted on 26th August 2022 at 16:27
Sector: Property and property development
Enquiry: A mortgage advisor referred a customer who was looking to purchase a property and develop it to convert into an HMO property. In this instance, they were unable to take a conventional buy to let mortgage as they were wanting to develop and convert the building and the bridging loan option was not attractive due to the charging structure.
Solution: We were able to source a funder that would offer a bridge to let loan. This allows our customer to complete the purchase and development before
converting the loan to a standard HMO mortgage over a longer period of time which allows his monthly payments to be reduced too.
Product: Bridge to let Loan £146,910
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