Am I able to obtain bridging finance to help me purchase a ‘cash buyers only’ property?

About ‘cash buyers only’

Estate agents often list properties of non-standard construction as ‘suitable for cash buyers only’ in order to target the correct type of buyers. The person in this loan scenario is quite right (as are the agents): if the property is of a non-standard construction, it could well be unsuitable for a conventional mortgage.

Finance to buy a property

Bridging finance would be an option, together with what is known as development or refurbishment finance. Lenders offering these types of finance are well versed in all of the property construction types. Provided you have sufficient funds to perform the required works, this type of lender will readily assist. It may even be possible to arrange a further loan advance once the works are complete in order to release some of the cash tied up in the project.

Finance to buy a property

Bridging loans from Charterbank are available to help with your short-term bridging finance needs, designed to quickly help you get the property you want. A typical loan is usually for a period of between 3 to 12 months. The property is used as security for the loan, which may be a property you already own, or a property you to buy speedily.

Development finance works by securing a short-term loan against a property. Usually the property that is used as security is the building or land that is being developed. However, alternative property can be used as security.

Both of the above would provide solid options should you want to move quickly when a property is advertised as ‘suitable for cash buyers only’.