We can help you to secure the necessary loan to begin a project, as well as refinancing a prior loan on completion of a development project. There are a handful of reasons you may want to do this. The first is that your current loan may be at a high-interest rate. Because of the time sensitive nature of development projects, you may have taken out a bridging loan.
Although this is ideal for securing finance quickly, bridging loans typically come with high-interest rates, meaning that you may need to refinance this loan upon completion of your project. Another reason is that you may wish to refinance upon completion to fund additional works on a new project or release funds for your next project.
If you’re refinancing a bridging loan, there are some potential barriers. For example, not all lenders are comfortable with refinancing a bridging loan, and some lenders will require the existing loan to have run for a set period.
You may also need to refinance on completion because your initial plan of selling upon completion is not loner possible. Changes in the market may prevent you from finding a buyer, or you may be waiting for an offer. In this situation, a short term refinances solution may be required between completion and sale.
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