Question
Client wishes to raise 960k on a a SW1 residential Freehold value of 1660k, for period of 8 weeks.
Answer
This is the sort of loan that Drawbridge would look to do. The property is in a good area and the loan to value is absolutely fine. Subject to there being no issues with the borrower, Drawbridge would be able to complete this very quickly.
Perm Link: Client wishes to raise 960k on a a SW1 residential Freehold value of 1660k, for period of 8 weeks.
Question
Are there any lenders out there that lend against leasehold shops such as kebab,mini markets etc with a lease of less than 25 years?? The clients do not have any security in the back ground.
Answer
Hi Neil, yes there are lenders out there who lend against leasehold shops. First Merchant Finance lends on short leasehold retail businesses such as take-aways, off licences, restaurants and supermarkets. Minimum lease term of 5 years. Minimum loan size £50,000. Capital Repayment and Interest-Only plans available.
Question
Is there any reputable lender out there, who can bridge loan on a property worth £150,000app, with a mortgage of £122,000?
Answer
No.
Question
I have a client who wishes to raise £150k on an N16 property valued at ~£650k, about to be let for min £2k pm (maybe as much as £2.5k+) for business working capital, repayable in 6 months,(12 months max) preferable with interest rolled up. Doable?
Answer
You do not say whether the property is residential, semi commercial or commercial. If the former two, then on the face of it you should have no problems raising the finance required as there is plenty of equity available. However, all responsible bridging lenders will want to be assured that there is a viable exit strategy by which they will be repaid. If the property is a purely commercial, then your options as to lenders will be more limited.
Question
Dear Bridge Doctor, I have a client resident in Dubai. He has a UK bank account in Jersey. He is paid abroad and needs only £50k based on a property valued at £1.2m unencumbered. Does anyone know who might be interested?
Answer
The main question would be if the client is a UK resident. If not, the legals could get fairly complicated, but there would be a few lenders willing to do this based on the other facts. I am assuming that the property is in the UK? Other questions that will need to be answered are if it is a purchase or just a cash raise and how the client intends to repay the bridge?
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