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Buying non-standard construction properties

 

Your question:

A friend of mine has just been offered an HMO in need of some work. There's probably about £20k in the deal, so it's probably worth looking at from that point of view. Could be flipped or end up as NMLI.

But...

It's a Wimpey no-fines house, ie poured concrete construction. I have heard that BM lend on these, but thinking of an exit strategy (immediate or in future)...

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Cash Buyer Only?

bridging finance May 25, 2015

I often get opportunities offered like this:

I've got an Incredible BMV in West London - for a CASH BUYER ONLY. I've just got the valuation done via Home track and, guess what? Its worth £716,000!

The asking price is 495,000 for a quick sale and I could get it down to 450k, as it's a very motivated seller who needs to sell asap. Do let me know immediately if...

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Going full time in property too quickly can spell trouble

strategic planning Mar 06, 2014

 “I am full time in property” is a pronouncement heard frequently at property meetings. My question is, are too many people in too much of a rush to get to this nirvana like state, without fully realising the adverse effect it has on their ability to raise mortgages? Would they not be better to slow down and take their time reaching that pivotal moment in their lives until the...

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Why HMOs don’t value up at 10 x income

I can see people are puzzled as to why HMO's aren't valued as a simple multiple of income by commercial lenders when commercial properties usually are.

I would suggest it is because there are some fundamental differences between the two…

Commercial

  1. leases are long, up to 20 years
  2. lenders take comfort from the lease providing an increased likelihood that the loan will continue to be...
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