Property development For various reasons, whether it be unforeseen circumstances or unreliable contractors, you may not have the capital to complete your development project in accordance with your original schedule. Enness are adept at facilitating development solutions to fit your bespoke requirements in these situations, and more often than not, the solution involves bridging finance.
For example, the speed of bridging finance would benefit those of our clients who are property developers looking to purchase a property which is perhaps below market value, and then refurbish the property to make a tidy profit. We can draw down the finance within two weeks to help fund the refurbishment, and once complete, the client can then sell the property and pay down the loan. Enness are also experienced when it comes to using forward bridging finance with property developers. This means that we can help you to secure a short-term loan on your next development so you can begin your next venture before your current development is complete – a crucial consideration for those looking to expand their property development portfolio.
More and more people seem to be selling their properties at auction, meaning a heightened probability of properties being purchased under market value. This is particularly good news for buy to let landlords – news which many have been quick to take advantage of.
By nature, the auction house is a fast-paced and exciting place, but it is also riddled with uncertainty as you go toe to toe with other buyers. You are typically required to pay for your property purchase within 28 working days, a hard feat without a bridging loan to cover the gap in your finances whilst capital is raised.
Residential property purchases
If you are looking to complete a transaction in a hurry, or need to buy a property before selling your previous home, bridging finance could be the perfect funding option for you. Bridging finance for residential property must be a regulated loan, overseen by the Financial Conduct Authority. A limited number of lenders offer these loans but using a broker such as Enness
, with access to high street banks, private banks, secondary lenders, international banks, offshore banks, private funds, hedge funds, peer-to-peer lenders and private individuals, means that you will not find a wider range of finance sources.
Commercial property purchases
Unlike residential short-term loans, commercial bridges can be unregulated, and accordingly are much faster to arrange; our dedicated team have arranged commercial bridging finance in the past in just six days. Whether you’re looking to purchase commercial property, cover refurbishment costs, refinance, Enness
can help advise you. Our specialised bridging finance team work closely with our commercial finance division, meaning you can benefit from the wealth of their combined experience.
International property purchases
Many of our clients do not realise that international bridging finance is a possibility for their circumstances, or even a possibility full stop. We have a few key lenders that we work closely with who understand our clients’ international needs, and that sometimes this requires short term finance. As Enness
expands globally and diversifies into new markets, we are able to forge new relationships with asset management firms, private investment companies, and multinational banks to ensure we can cater for the increased demand for international bridging. Take a look at this case completed by Chris Lloyd
Associate Director, who managed to secure a bridging loan for his client who wanted to complete renovations on their Balearic Island property.
If you are considering taking out short term finance for one of the above purposes, get in touch with one of our expert bridging finance brokers today. We have a huge amount of experience in this area, and advise getting in touch as early on in the process as possible.]]>