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In some situations, you may want to purchase a property, but it can be deemed by some lenders as ‘unmortgageable’ if the property is in serious disrepair, or if it doesn’t have a kitchen or bathroom or both.
You can purchase the property with a bridging loan, to add these in and then transition on to a mortgage once the work is done.
You could be buying a property that needs only slight adjustments which are also known as light refurbishments, before going on to sell it or let it out.
You could also use a bridging loan to refurbish your own property, intend to sell at a higher price. This kind of refurbishments could include electrical rewiring or fitting central hitting, or simply redecorating.
This information is intended for professional intermediary use only and must not be distributed to potential customers.
Enterprise Finance Ltd is authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 302964. Certain types of loans are not regulated, for example loans for business purposes or certain buy-to-lets. Enterprise Finance Ltd is registered with the Information Commissioners Office.
Registration Number: Z6765361 Enterprise Finance Ltd is registered in England and Wales. Company Number: 04440152. Registered Office Address: The Edward Hyde Building, 38 Clarendon Road, Watford, WD17 1JW.
This information is intended for professional intermediary use only and must not be distributed to potential customers