PBL144 - 34 D*** R***, P*****, S***** (9%)

I idly wonder why the borrower is down as C**** F******** personally, with the planning application in the name of Ms F********, when there's a F******** Properties Ltd registered to an address only a street or two away.

Or, indeed, why she didn't put it through P***** Properties Ltd, of a slightly more northerly postcode within London, of which somebody sharing her unusual name is a director.

It's worth remembering that 5% on £2,500 is £125/yr. Worth having, sure, but not worth getting THAT excited about. 3% is £75/yr. Is £50/yr, less than a quid a week, worth jumping through hoops for?

There's a lot of reasons to change current account - mostly customer service, imho - but I'm really not sure that's one. For me. Others may differ.

Anyway, this isn't the thread - but this is -> p2pindependentforum.com/thread/6909/tool-find-best-bank-accounts

I wasn't offended.

I was just trying to point out to anyone reading this who only has abit of money saved, you can save at a good rate with no risk. I'd like to think small investors on here have already utilised to better bank accounts before risking hard earned money.

I also need to look into getting some pension advice, you reminded me.

For reference - this property is on Rightmove for £525,000

So currently in the pipeline;

Four loans totaling approx. £6.4 million, with a 12%PA interest rate.

One loan totaling £315K, with a 9%PA interest rate.

I have briefly 'skimmed through' the comments on this forum board, so it is possible I could have missed the enthusiastic lenders/investors in this loan...

I couldn't find (m)any! Perhaps I am tired after a long day...

I hope that savingstream read this thread to get a feel of the reactions for this loan.

It's residential property, so the valuation should have a narrower margin of error, so in theory it's less risky (as several people have said already). I would certainly consider a BTL mortgage at 9% (with the expectation that the borrower would refinance at a lower rate with a bank once they have a record of rental income). I'd be less sanguine about BTL mortgages in London (this property is in Greater London, not modern-day Surrey - I assume that Surrey is the post address) and Surrey, but as London prices go this doesn't seem all that exorbitant.

Given the valuation's market price and market rent values, the gross rental yield is 3.67%. I understand that rental yields in London are low, but it seems a stretch that this could be successfully marketed as an investment property at £450,000, never mind £525,000. 

What I don't understand is why a borrower would be seeking a bridging loan to clear current debt on the property, when the current debt would be expected to be cheaper. The only hypothesis that I've come up with so far is an inheritance with an outstanding residential mortgage, which would explain why the property looks owner-occupied and tired, and in which case "the borrower has owned property before" would be a red herring. I would expect someone with experience to be seeking an additional sum for a refurb, with a view to achieving a better price.