Has anyone any experience of using a Bridging Loan for purchasing property.
I've just put an offer in on a property where it's a repossession and they're only interested in cash offers. So to be able to that without selling our existing property I've arranged to cover the difference with a bridging loan payable back in 12 months as a lump sum when I sell our main house.
Quite pricey, 9% including fees.
Anyone with experience on what to look out for? Pitfalls etc.
I've just put an offer in on a property where it's a repossession and they're only interested in cash offers. So to be able to that without selling our existing property I've arranged to cover the difference with a bridging loan payable back in 12 months as a lump sum when I sell our main house.
Quite pricey, 9% including fees.
Anyone with experience on what to look out for? Pitfalls etc.
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