Scared of Bridging Finance? Here's how you flip a property

[@MattBrighton]

Check out a bridging loan rate in under 3 minutes go.mattbrighton.co.uk/lendlord

[@mogheesmir]

Great video Matt as always. I'm on a retained interest bridging product where I paid the interest upfront. I didn't really have much of a choice though as I think because it was my first time taking out bridging finance.

[@MattBrighton]

Makes sense! Lenders will have all sorts of criteria so with it being first or no projects to show for experience then makes sense they would take it upfront :)

[@stuartgunn8745]

Really good clear assessment 👏

[@insaneroute]

Hey Matt. We are just 10 months old in UK, on a skilled worker visa. Our annual salary income is 100k. Can we get bridging finance to renovate an auction property here in UK?

[@MattBrighton]

Should be able to. Speak to a mortgage broker to be sure, they'll look at your full personal circumstances

[@rustey222]

Really great information and very well explained. Thanks Matt

[@maxelbrig1315]

Great content as always, Matt!, but it would have been far more useful/helpful for youngers out there to show the real income, not just percerntage wise, like other youtubers show the income report from YT and other sources, being transparent especially with YT earning will go on to show that is is doable for all young youtubers out there, my opinion, though. Keep up the great work.

[@joshuasokoya4050]

This video was very helpful. Thank you for sharing.

[@MattBrighton]

Glad it was helpful!

[@nicksmith9371]

Matt, if I am renting and want to use a bridging loan to flip a property can I use the property as im buying as collateral? Cheers.

[@FifaRipzHD]

Writhing the coming months personal house is going to sell for £850,000 cash would it be a good idea in the meantime to get a bridging loan to get a £250,000 house then pay it all of once personal property is sold.

[@bajajmusic3825]

Bridging is great, it can be costly but it’s the best option to refinance. In addition try and opt for roll up interest!

[@jasonburden7999]

Is that where the interest is charged at the end of the term?

[@husnainshah443]

This is the video I needed! Thank you so much man

[@MattBrighton]

Glad you found it useful!

[@thehiddenchannel636]

This is really helpful. Thank you

[@ryanmahoney3782]

Does the bridging loan cover refurb/fit-out costs? or would you have to put up 25% deposit for the bridging loan and also cover the costs of renovation in a house flip or BRRR

[@jasonburden7999]

I think he said within the video that you can borrow refurb costs also

[@rrodmail]

Your videos are so informative THANK YOU!!!

[@jtlondon81]

Do you have any brokers to share for bridge loans?

[@haroonkhan8690]

Hi Matt, does it matter if you apply for bridging finance through a Ltd company or as an individual? If it’s through a company, I don’t understand how it works. Is it applied through the director?

[@MattBrighton]

It'll change your options slightly as the products are specific to individuals VS companies. They'll still look at you as the 'ultimate beneficiary owner', just legally speaking on the paperwork a few different things are required. They might also ask for some kind of personal guarantee that if the company doesn't pay it back, you individually still would pay it back.

[@haroonkhan8690]

@@MattBrighton I’ve got you mate, thanks for that. How long from experience would you say bridging finance normally takes to complete from application? I have only 21days to complete from auction.

[@MattBrighton]

@@haroonkhan8690 You can try to get it lined up ready before going into the auction, main blocker will be solicitors so make sure they're quick enough to handle an auction purchase

[@SwahiliSpicE]

I'm not sure if I missed it but I didn't hear anything about a deposit. Is that needed for a bridging loan?

[@MattBrighton]

Yes you'd still need to fund likely 25 - 30% deposit. You can only get 100% bridging for example on developments with planning where land is unmortgaged. I might be wrong / new products out there but that's my general understanding.

[@andrewwest7327]

Good video, thanks again

[@MattBrighton]

Glad you enjoyed it

[@prestonmcgurk4772]

Hi Matt when you say you wish you used bridging on your last project as you would of pulled out 40k but have too wait two years whyi is this can't you pay the early redemption fee and still come out with a decent profit

[@MattBrighton]

I could do - however it could possibly give me a black mark against lenders as it's essentially mis-using a financial product as the mortgage shouldn't be used for a flip. You could get away with it, but it's like saying you could drive around the M25 at 80mph and you might not get caught by a speed camera :) There's a risk with doing that

[@prestonmcgurk4772]

@@MattBrighton so with bridging then you can refinance as much as you want I guessing

[@juliegeorge8533]

@@MattBrighton nicely explained.

[@JohnSSSSS]

Hi Matt. Please could you explain here or do a quick video about why those who want a side hustle should start a limited company versus registering as a sole trader?

[@MattBrighton]

I have a few videos on the channel covering this already :) > kzbin.info/www/bejne/aKatoKqeobObiac&t

[@demosthenes1296]

Hi Matt, if you're interested in an auction property do you make sure you have a bridging loan in principle beforehand and do you employ a solicitor/structural surveyor beforehand? Many thanks for considering my question.

[@MattBrighton]

You could get the bridging loan groundwork done before the auction - it would have to be on the specific property, however it's hard mainly because the sale price might change from what you told the bridging lender (sort of making it useless if you need to borrow more). But it's good to talk to a broker and get your details all registered and assessed - might save a day or two which is a lot in a 30 day deadline. Solicitor - it's good to make sure you have a solicitor ready who can do auction purchases. Surveys - depends on the property, I'd never get a survey on a property I don't own. Especially on auction where prices can go crazy, there's no guarantee you're going to get it. So you have to trust your eye if you do a viewing that visually it looks ok.

[@jtlondon81]

Cheers!

[@Real_Matt]

Matt - where would you get a bridge from? I.e. for BTL I always go to a broker that I've used for years but where would you go for a bridge?

[@MattBrighton]

I'd shop around, Lendlord's tool is useful to get rates and speak to someone about a fully digital application for lending. Brokers experienced in BTL will also be familiar with bridging, crowdfunding :)

[@rollingwithm]

Thanks for the video, super helpful

[@brumball2503]

That cant be right 15% for bridging loan whereas I have one at 0.8 %

[@MattBrighton]

Are you confusing annual vs monthly?

[@brumball2503]

@@MattBrighton lol yes

[@AlexSavage]

40000 trapped for 2 years? Why don't you do a further advance?

[@MattBrighton]

It's possible - would need to compare rates though on whether it's worth it for the advance

[@AlexSavage]

@@MattBrighton if you need the cash it should be worth it as you are most likely reinvesting it.

[@MattBrighton]

@@AlexSavage Indeed - I have capital for another project this year so happy to leave the other bit locked in until end of next year!

[@jamesgreen2938]

Watched a few of your videos now. Great content! Let's connect.. what's the best way for me to contact you 🤝

[@MattBrighton]

glad you're enjoying them! Hit me up on Insta