Getting Finance for a Refurb when Non Resident
I am a UK citizen now based In Singapore looking for help getting finance when I am non-resident in the UK.
I have one BTL property in London and a family home which is let out at the moment (both on mortgages via HSBC). I am looking to step up my investment & involvement levels significantly over the next 3-6 months starting with a flip. Likelihood is it will be on a c $150k bungalow somewhere with £10-15k refurb costs. I have c £65k of capital to cover deposit & all costs but am still weighing up finance options.
I am then looking to follow this with 2-3 flips per year of a similar value with the option of retaining every 3rd or 4th deal if the maths of the deals make this possible. Probability is that I will be visiting the UK every 4-8 weeks for 7-10 days to oversee the process.
Any suggestions about routes to follow for financing (bridging vs. BTL mortgages) and any particular brokers to recommend would be much appreciated.
Regards
Tim
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My favourite short term lender
Member Since January 2011 - Comments: 12209 - Articles: 1408
8:38 AM, 23rd June 2015, About 11 years ago
Hi Tim
Unless you have a very trustworthy project manager here in the UK I wouldn’t recommend a flipping strategy from the other side of the world.
Finance will be the least of your worries, for brokers I would recommend the following:-
Malcolm Jones – see >>> https://www.property118.com/member/?id=3353
Cliff Verrill – see >> https://www.property118.com/member/?id=1419
The funds you have for the size of projects you are considering will make doing deals tight but not impossible.
Good luck!
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Member Since December 2014 - Comments: 4
10:11 AM, 23rd June 2015, About 11 years ago
What a great question. I am also a UK citizen living in Singapore with a small/medium sized UK property prortfolio. I have been trying to arrange cost effective financing on a number of unincumbered properties without success thus far.
There are a couple of nuances to make life interesting of course.
It does seem UK citizens overseas are dealt a massive risk blow in terms of LTV, interest rate and loan term.
Will follow these leads up. Thanks Mark (and Tim).
Member Since January 2011 - Comments: 12209 - Articles: 1408
10:18 AM, 23rd June 2015, About 11 years ago
Reply to the comment left by “Malcolm Norquoy” at “23/06/2015 – 10:11“:
Hi Malcolm
The contacts I gave above are for commercial/development/bridging finance.
For more traditional buy-to-let mortgages for ex-pats I would recommend the following:-
Mark Edwards – see >>> https://www.property118.com/member/?id=3042
Howard Reuben – see >>> https://www.property118.com/member/?id=314
Simone Gilks – see >>> https://www.property118.com/member/?id=1786
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Member Since June 2015 - Comments: 4
11:39 AM, 23rd June 2015, About 11 years ago
Great feedback and leads Mark – much appreciated
Good luck with the West Brom case by the way ( I was stung in the Bank of Ireland “fixed is not really fixed” fiasco a few years back – but thankfully not to a large degree)
Member Since January 2011 - Comments: 12209 - Articles: 1408
2:56 PM, 23rd June 2015, About 11 years ago
Hi Guys
I’m in the process of writing an article about “my favourite short term lender”.
Watch this space (Tim especially) as they are quite happy to lend to ex-pats and on uninhabitable properties.
The article should appear in the Newsletter and on the Latest Articles page over the next few days.
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Member Since January 2011 - Comments: 12209 - Articles: 1408
4:27 PM, 23rd June 2015, About 11 years ago
Just published the article referred to above. See link below 🙂
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