Sell & Rent Schemes May Boost Bridging Loan Demand
I hate to be the bearer of bad news but the property sectors probably have some way to go before they hit their low point. The in vogue sell/rent fever seems to be creating more repossession opportunities too. If there is any icing on the cake it is that when the market does bottom out there will be some excellent deals available. If you’re thinking of venturing into property development now would be a perfect time to start planning your tactical move.
New developers will need to think about acquiring bridging loans for the all-important “make or break” project. There are still plenty of lenders prepared to lend you money for your property development venture. You might have to work harder to persuade them to provide the funds but nobody said it was going to be effortless!
Property development finance is often easier to get than a regular mortgage because the lenders can see that you’re attacking it as a business and if you’ve done your due dilligence properly it will be crystal clear for them to see that lending money to you is probably safer than lending to an individual who doesn’t have the same goals.
Having said that there are an increasing number of lenders who will not look at you even if your business plan realistically indicates that you’re going to make a whole stack of profit! Many lenders really have got the horrors at the moment and there’s a valid reason for that!
If your credit report has the slightest shortcoming on it you may find it increasingly difficult to get finance of any kind let alone a property development finance loan. No more are the heady days where you could just walk into your high street broker, state that you earn 30 big ones a year even if you didn’t and they would line up to give you a loan. Now they are quaking in their boots!
These uncertain financial times have led to an unprecedented number of people going online trying to find work. Many people seek out data entry at home work in an attempt to bolster their income. If this is you be wary. There are ample numbers of scammers waiting to make strangers of you and your moolah! I would focus on property development if I were you.
