|
CLOSED BRIDGING PRODUCT
We
offer closed bridging finance in 3 different forms
as below. If closed bridging finance doesn't stack
up for you (i.e. the re-mortgage rates are too high)
we have alternative funding methods that may be of
interest to you - please
contact us for details.
In-House : This is the most popular and easiest
to manage as you will be using the same firm of
solicitors as where our bridging fund is held. This
means that the bridging funds simply are transferred
internally within the solicitors accounts ready for
the purchase to be made for you.
This product
therefore helps avoids potential problems with
having an additional solicitor in the process
requesting funds when they may not be ready to
complete. It also makes it easier for us to help
mentor the deals through as we are dealing with one
solicitor on the bridging/purchaser side instead of
two. As a result the bridging fee is 0.75% with no
other fees.
Our solicitors
provide a full conveyancing and bridging legals
service for
£650+VAT for freehold properties - and they one of
the leading BMV specialist conveyancers in the UK.
When making an online application you
can choose to use our recommend solicitor - and if
you do, we'll send your details to them. See our
partners page.
External: This product recognises the fact that
not all investors want to shift their business to
our recommended solicitor. This means you can
continue the relationship you have built with your
own solicitor while still benefiting from our
competitive bridging rates or allows you to seek a
cheaper alternative (please note getting the deal
through quickly with all angles covered with an
experienced BMV solicitor like Attwells is well
worth the extra few hundred pounds in our
experience, but the choice is entirely yours).
This may make mentoring
your deal through more difficult unless you have
given authority for your solicitor to deal with us.
You are also required to cover the additional
bridging legal costs and TT fees which amount to
£130+VAT.
Specialist:
This product is for high volume users of our
bridging fund (typically one or more deals per month
on average). This product is also available to
introducers - i.e. those of you who require bridging
and also have databases or a large network of
contacts from which you can bring new clients to us.
The pricing on this is negotiable on a case by case
basis depending on the proposition. One popular
specialist offer that our high volume clients are
attracted by is our "buy 5 at full price get the 6th
bridge at 0.00%."
|
