Often a property investor will already own a personal residence or a portfolio of investment properties. Lenders can offer second charge facilities, normally behind mortgages for any business purpose. A number of lenders within the market have competitive criteria and the ability to offer lower rates for a more flexible product that will fit your needs.
A property developer was put in a tricky situation by their mortgage provider who had granted a facility over a development project, the property was wind and water tight but the developer had ran out of cash due to changes in the specification of the property. The problem was that the current lender wouldn’t increase their funding nor would they allow for a second charge to sit behind them. BF24-7 sourced a lender who looked at the situation from a different angle, they looked to the developers’ home address which had a large amount of equity and provided a facility secured against this which not only give them capital to complete the project but also kept the mortgage provider happy.
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Bridging Finance 24-7 LTD is a trading style of Business Finance 24/7, registered address 29 Peter Street, Manchester, M2 5QJ. Company number: 12005348. Registered in England and Wales. DPA No: ZA541464