Bridging loan

[LonArcvarden]

Hello all

Looking to purchase a property from auction that isn't mortgageable and have reviewed my funding options and currently have two: bridging loan and auction finance. Both with the exit strategy to get a mortgage to pay it off once renovations are complete.

Does anyone have experience with any of these and any advice before I go ahead because I'm new to these lines of funding, and a bit apprehensive.

Thank you

[MichaelSavan]

What are the interest rates on the loans and how much would the monthly payments be?

[princemeraj]

I looked into that a while back and found that bridging loans Uttoxeter had some options that were more flexible than I expected. One local broker talked me through how the interest works monthly, which helped me understand the actual cost better. Always good to ask if there are any setup fees or exit charges too—it varies a lot between lenders.

[BarbaraE00]

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[Inmorr]

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