Can I get bridging finance with a mortgage up to £50,000?
A bridging finance is an amount to close the purchase or the property deal. It depends on the purpose, experience, existing property market value, and mortgage. If you have a property with a £50,000 mortgage, your earnings should be higher enough to make both mortgage repayments and new bridging finance.
We receive many applications for additional finance to meet any property development needs. You may require it for:
- Storage space to keep renovation material unless the project complete
- Set up a small office to monitor the development
Regardless of your wants, we provide additional or bridging finance for property development if you can manage it without defaulting on the payments. You should ensure a clear exit strategy. Analyse the total costs you may incur on the project.
Calculate the time the builder would take to build the thing. It would help us define the right amount and timeframe to lend by calculating the risks and potential associated with your existing income and mortgage payments.
We also consider the developer costs and contractor costs. We can provide approximately 60% of the mortgage value in this case. We deduct the building costs, site value, and first charge liability.
As a reliable property development loan provider, we leverage technology, data, and experience to deliver smooth and transparent solutions. There is no better way to experience excellence than with personalised solutions. Call us to leverage a collaborative and fair approach to ensure competitive pricing and quotes.