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How fast can I get my money out?

THE QUESTION

I know there are limited lenders if you buy a property, refurb it and then sell it within six months, but if I pay cash for a property and want to spend about £10k max on the refurb to turn it into 4-room lets for professionals before getting some money back out and renting the property out, is this feasible?

THE ANSWER

Buying for cash if you can is positive because you have:...

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How to qualify for Ninja finance

ninja learning Mar 28, 2017

THE QUESTION

Is bridging finance calculated on a deal-to-deal basis, rather than an individual’s mortgageability?  What would I have to demonstrate to be successful in getting a bridging loan?

THE ANSWER

Bridging has a completely different underwriting process to mortgages.  Mortgages are income-based lending for the medium to long term; whilst bridging is asset based lending...

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A good deal ... or not

bridging finance Mar 20, 2017

THE QUESTION

A good friend of mine has just exchanged on two properties at auction yesterday. The properties are leasehold apartments with a long term lease on them for 15yrs from 2007.  

He’s looking for a good mortgage broker who could provide a mortgage on the two properties that can be turned around within the auction timescales of 28 days?  He can pass any credit hurdles...

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Is this really a no-brainer?

buy to let Mar 12, 2017

THE QUESTION

One of my landlords, whose property I manage for him, has voiced an idea that he wants to sell his 5-bed property – and suggested I might like to buy it.

It cash flows well and we have another 10 doors down.  The demand is strong so it’s a no brainer really; I just need to concentrate on financing.

My question is has anyone already gone through this scenario, and...

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Buying my first flip or rent property

buy to let Mar 04, 2017

THE QUESTION

I have been sourcing properties now for nearly 12 months and now I am looking to buy my first property to flip or rent, but I would like to clarify the processes I need to go through.

I am looking to buy a 3-bed terrace and split it in to two 1-bed apartments.  Can I split the title through permitted development?  What costs are there in this?

I want to use a money...

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Do your numbers stack up?

bridging finance Feb 24, 2017

THE QUESTION

What is the best way of purchasing an auction property and then refinancing it after the refurb work has been done?

The guide price is 200k, but this property has the potential to become eight self-contained units generating £400 pm cash flow each after a bit of work (£15-25k).  I have about 25k for deposit and a partner who would potentially put in the same, but...

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Refurb or no mortgage

THE QUESTION

I've had an offer of £87,000 accepted on a property that, once it's had a light refurb, should be valued at £120,000. Following the mortgage valuation the mortgage company have come back to me and said they are holding a full retention until the kitchen and bathroom have been replaced, but they really aren't that bad.  I've seen much worse and had mortgages for...

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Town centre apartment – above commercial units

semi/full commercial Feb 08, 2017

THE QUESTION

I have found a high street property with great fundamentals and a very healthy rental yield.  

It is in a very impressive listed (grade 2) building with 10 flats.   On the ground floor are two commercial properties - a Sainsbury’s local and a major bank.   

The flat I am looking at is on the third floor of this building with windows facing onto the...

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One building; three flats

buy to let Jan 31, 2017

THE QUESTION

I am aiming to buy a freehold BTL property that has three separate flats.   I am unable to find a mortgage provider who will give a mortgage on this type of property.  I was advised that I must have three separate leases in order to get a mortgage.

How can I get a mortgage on this property?

THE ANSWER

It’s no surprise that you are having trouble finding a...

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Time to remortgage

THE QUESTION

The lender I’m with has revised their lending criteria to exclude the mortgage I have had with them and I’ve reached the end of term and need to remortgage.

The property is a studio flat with 63 years lease remaining, value £65k with 40k outstanding, but it is less than 30sq m.

What do you recommend?

THE ANSWER

You have two problems..

  • A small space
  • A...
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