Sell/Rent Strategy Could Intensify Bridging Loan Take Up
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 in vogue sell/rent craze seems to be creating more repossession properties too. If there is a silver lining it is that when the market does bottom out there will be some top deals available. If you’re thinking of venturing into property development now would be a great time to start planning your tactical move.
First-time developers will need to think about wangling bridging loans for the all-important “get off the ground” project. There are still some lenders prepared to lend you money for your property development project. You might have to work harder to persuade them to provide the funds but nobody said it was going to be a walk in the park!
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 research properly it will be crystal clear for them to see that lending money to you is apparently safer than lending to an individual who doesn’t have the same goals.
Having said that there can be found an increasing number of financial institutions who will not look at you even if your business plan realistically demonstrates that you’re going to make a million in profit! Many financial institutions really have got the frights at the moment and they’re not wrong to feel this way!
If your credit record has the slightest blemish on it you may find it more difficult to get a loan of any kind let alone a property development finance loan. No more are the heady days where you could simply saunter into your high street broker, declare that you earn 50 grand a year even if that wasn’t quite true and they would find it easy to give you finance. Now they are quaking in their boots!
These uncertain financial times have led to an exceptional number of people trawling cyberspace trying to find work. Thousands of people seek out jobs doing data entry at home in an attempt to bolster their pay. If this is you be careful. There are hundreds of scammers waiting to unashamedley take your money! I would focus on property development if I were you.
