Sell/Rent Schemes May Increase Bridging Loan Applications
I hate to be the bearer of bad news but the property markets probably have some way to go before they hit their low point. The popular sell and rent phenomenon seems to be resulting in more repossession investments too. If there is anything to be excited about it is that when the market does hit its low there will be some excellent deals available. If you’re considering getting into property development now would be a great time to start planning your strategic move.
First-time developers will need to think about wangling a bridging loan for the all-important “get off the ground” project. There are still plenty of lenders prepared to lend you money for your property development project. You might have to work harder to convince them to put up the cash but nobody said it was going to be easy!
Property development finance is often easier to lay your hands on than a regular mortgage because the lenders have evidence that you’re looking at it as a business and if you’ve done your sums properly it will be obvious for them to see that lending money to you is apparently safer than lending to someone who doesn’t have the same goals.
Having said that there can be found an increasing number of banks who will not touch you with a bargepole even if your business plan realistically indicates that you’re going to make a whole stack of profit! Many financial institutions really have got the frights at the moment and with good reason!
If your credit report has the slightest shortcoming on it you may find it increasingly difficult to get finance of any kind let alone a property development finance loan. Departed are the heady days where you could merely walk into your high street broker, declare that you earn 40 big ones a year even if that wasn’t quite true and they would fall over themselves to give you a loan. Now they are running away with their tails between their legs!
These insecure financial times have led to an unusually high number of people going online trying to find work. Shedloads of people Google for data entry at home work in an attempt to subsidise their pay. If this is you be cautious. There are plenty of scammers waiting to unashamedley take your money! I would concentrate on property development if I were you.
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