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Try Financial can arrange short term bridging finance to purchase and re-furbish commercial and semi commercial property where the loan will be repaid either from sales proceeds or, being refinanced on to a longer-term loan either a commercial mortgage or, if converted to residential use, a buy to let mortgage. Before the bridging loan is approved, the lender will need the assurance that the loan will be repaid from a viable exit proposition.
Typically refurbishment bridging loans in the commercial property market are to convert larger properties into Homes of Multiples Occupation or conversions of business premises to residential use. At Try Financial arrange loans in England and Wales, and also Scotland. We can also obtain terms where our customers have impaired credit records.
Interest is usually paid in advance but calculated on a daily basis so that if a borrower repays before the end of the loan term, any overpaid interest is refunded. There are options to pay interest monthly if this is preferrable. Usually, the length of the loan is up to 24 months and and individuals can expect to sign a personal guarantee, and where purchase is through a limited company, in most cases, a debenture charge will be taken across all assets of that business.
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