Background

The Problem with Bridging Loans with Toni Gargan and Gary Das – Progressive Property Podcast

Transcript arrow_drop_down

Transcript

[ad_1]

Gary Das joins Toni in this episode for a quick but valuable discussion on bridging loans. They discuss what they are, where they might be useful but also reveal the three main reasons you may not want to use them.

KEY TAKEAWAYS 

  • Traditionally you would get a mortgage for a property but if you are buying from auction or similar you may need a bridging loan before you can get a mortgage. This is a short-term loan.
  • To be accepted for a bridging loan generally, you will be borrowing against assets, but this doesn’t have to be another property or even the property you are using the bridging loan for.
  • One of the advantages of bridging is the option to either pay an upfront fee or a certain timescale where you don’t have to pay anything yet.
  • There are horror stories surrounding bridging loans, usually when a term has been breached and good advice wasn’t sought out.

BEST MOMENTS  

“The key thing with a bridge is how does the bank get the money back in the not-so-distant future?”

“There are certain instances where you’ll use bridging instead of a mortgage”

“The more you know about the properties and the finance side the easier it is to walk in with confidence and do the deals”

VALUABLE RESOURCES

MSOPI – Multiple Streams of Income:

https://www.progressiveproperty.co.uk

https://kevinmcdonnell.co.uk

ABOUT THE HOST

Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.  

CONTACT METHOD

https://www.facebook.com/kevinMcDonnellProperty/

https://kevinmcdonnell.co.uk/

TikTok: https://www.tiktok.com/@progressiveproperty

YouTube: https://www.youtube.com/channel/UC0g1KuusONVStjY_XjdXy6g

Twitter: https://twitter.com/progperty

LinkedIn: https://www.linkedin.com/company/progressiveproperty

Instagram: https://www.instagram.com/progressiveproperty/

Facebook Community: https://www.facebook.com/groups/progressivepropertycommunity

Facebook Page: https://www.facebook.com/Progperty



[ad_2]

Source link

About the author call_made

admin

More posts

Timestamp

Be the first to leave a comment

Leave a comment

Your email address will not be published. Required fields are marked *

 For anyone looking to expand their real estate horizons beyond borders, this podcast offers a treasure trove of insights from top agents around the globe. Whether you’re looking to showcase your expertise as a real estate professional or uncover the next great investment opportunity as a buyer, Global Real Estate Insider provides the expert advice and market analysis you need to make informed decisions in the global real estate arena.

International real estate platform that connects foreign buyers and investors with international property

0%

Login to enjoy full advantages

Please login or subscribe to continue.

Go Premium!

Enjoy the full advantage of the premium access.

Stop following

Unfollow Cancel

Cancel subscription

Are you sure you want to cancel your subscription? You will lose your Premium access and stored playlists.

Go back Confirm cancellation