5d • General discussion
Bridging for auction purchase
Wonder if anyone can give me some rough figures on what I’d be expectin to pay please...
what fees as a rough guide are involved in getting the bridging loan to stage of ‘push the button to release the funds’ and I’m presuming If I’m not the winning bid, do I just decline the loan offer?
What interest (roughly) and fees should I expect on the below on terms of the bridging loan part of it over 8-9 months
Brief figures
- Property is likely to sell at Auction for £270k + the fees
- Reno will cost £25k
- stamp duty, auction and legals to factor in
- I’ve got £100k to put into the project
- GDV £385,000
- Expected rent to Achieve £1700 pcm
Reason I’m interested in it is capital growth is good in the area, and it’s 2 doors down to my own house!
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Bridging for auction purchase
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