Cavendish Capital

26/06/2023

Well done Team Cavendish!

26/06/2023

Calling all Property Developers! Get in touch with one of our team today for more information on how we can help fund your projects! 📞

26/06/2023

05/01/2023

🎁 CAVENDISH 2023 GIVEAWAY 🎁

WIN £200 WORTH OF SELFRIDGES VOUCHERS!

FOLLOW THE STEPS BELOW!

Step 1 - Like and Follow our Cavendish Facebook & Instagram accounts! 👍🏼

Step 2 - Share one of our posts on your story for 24 hours 📲

Step 3 - Comment below tagging 3 of your Friends and Family!

WINNER WILL BE ANNOUNCED ON 14 FEBRUARY 2023! 🏆

04/01/2023

What is Bridging Finance & how does it work?

Finance made easy with Cavendish Capital

💷 A (or 'bridge loan') can be useful if you need to borrow money for a short period. It can help to ‘bridge the gap’ if you want to buy a new home before selling your old one. Bridging loans can also be used if you buy a property at auction, where you’ll need the money immediately but may not have sold your current property yet. In this guide, we explain how bridging loans work and who they could be right for.

💷 Closed bridging loans
With a , there is a fixed repayment date – you will normally be given this kind of loan if you have exchanged contracts but are waiting for your property sale to complete.
💷 Open bridging loans
With an , there is no fixed repayment date, but you will normally be expected to pay it off within one year.

❓ What are first and second-charge bridging loans?
When you take out a bridging loan, a ‘charge’ will be placed on your . This is a legal agreement that prioritizes which lenders will be repaid first should you fail to repay your loans. Both a first and second charge bridging loan take your property as security in case you default on repayments. Typically, if you still have a mortgage on your property, the bridging loan will be a second charge loan, meaning that if you failed to meet repayments and your home was sold to pay off your debts, your mortgage would be paid off first. But if you owned your property outright, or you were taking out a bridging loan to repay your mortgage in full, you would take out the first charge bridging loan. This means that the bridging loan would be repaid first if you fell behind with repayments.

You’ll usually only be able to borrow a maximum loan-to-value ratio (LTV) of 75% of the value of your property. If you are taking out a first-charge loan, you’ll typically be able to borrow more than if you were taking out a second-charge loan.

Contact one of the team today for further information on Bridging Loans!

📞- Tele: 01992 762 323

📧 - Email: [email protected]

04/01/2023

Wishing our followers a happy and successful 2023!