Many mainstream lenders and high street banks are not prepared to provide loans for the purchase of what they class as unusual properties. They may also be slow to complete loan applications, which can mean time-sensitive deals, fall through. An example of unusual property is petrol stations, which many lenders see as specialised commercial assets. A bridging loan broker will know lenders who are experienced in this sector. Houses of Multiple Occupancy (HMO) are in high demand by an increasing student population. Old large houses are suitable for conversion to HMO. Many of these are sold at property auctions, with funds needed quickly to complete the purchase of winning bids. A bridging finance lender will be able to quickly supply a loan for the purchase. Bridging finance is also available for building work to convert a family home to HMO. Land for housing or commercial property re-development is in high demand, especially in locations designated as re-generation areas. Buyers need to complete purchases quickly or risk losing the deal to a competing investor. Bridging finance can provide the funds within a matter of days to complete the deals. Bridging loans are short-term, usually for less than two years. They can be used to complete property purchases quickly and then repaid after more long-term finance is available. If you want a loan for unusual property or need funds quickly, talk to a bridging finance broker who will find the best loan deals.
May 10, 2022
