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Short term loans from banks and building societies need a huge amount of collateral. An acquaintance approached the bank he had been with for forty years with a request to borrow around thirty thousand pounds to rebuild and let an old dilapidated property he owned.
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Short Term Loans for Long Term Gain There was a time you could make an appointment with the friendly high street bank manager with a business plan and a request for a loan. Overdrafts could be asked for over the phone but such a scenario is impossible today. Even trying to find the branch telephone number is nigh on impossible and instead you are invariably put through to a call centre.
Short term loans from banks Short term loans from banks and building societies need a huge amount of collateral. An acquaintance approached the bank he had been with for forty years with a request to borrow around thirty thousand pounds to rebuild and let an old dilapidated property he owned. When finished the property in the Cotswolds would easily have let for fifteen hundred pounds a month and from other property he owned and let the full amount would have been repaid with interest within a year.
Despite owning a total of four properties all mortgage free he was turned down. His age may have played a part but he would have been a lot more likely to have succeeded if he had approached one of the independent short term lenders like Mayfair Bridging. Their far better understanding of the situation would have been far more helpful and would almost certainly have negotiated a deal. Buying to let is one of the most common reasons for applying for a bridging loan but it is by no means the only one. There are no restrictions for the purposes of a short term loan just as long as it’s legal.
It is often needed when a property is bought at auction. Most auction houses need a hefty deposit on the day and the whole of the balance at the end of a month. In these situations the banks and building societies even if they agreed to help never react that quickly. On the other hand the independent lender will agree in principle usually within an hour of the online application. A clear agreement on repayment details are agreed to suit both parties and allows the borrower time to concentrate on other matters such as selling or letting the property.
This can also apply to overseas properties as long as the security is a first charge on a domestic one owned by the borrower. The maximum borrowing can be calculated with the useful Loan to Value tool online and this will reveal how much interest will have to be paid. The maximum loan varies with the type of property whether private or commercial but all this is explained on site. Some people have used a bridging loan as a means to paying an unexpected tax bill. They may be applying to mortgage their property with a bank or building society whilst taking the short term loan but this may be cheaper than watching the tax bill rise with exorbitant interest and other charges. For short term loans visit our website mayfairbridging.com
Thanks For Your Time Contact Us: Head Office: 9 Riversway Business Village Navigation Way Preston PR2 2YP T: 01772 788888 F: 01772 788887 London Office: 1 Berkeley Street Mayfair W1J 8DJ T: 0203 282 7188 E: info@mayfairbridging.com, website: www.mayfairbridging.com
