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#advice required - how to fund property development first timer #

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  • #advice required - how to fund property development first timer #

    Good Morning All,

    This is my first post, so please do not fire the post if I have managed to post in the wrong section!

    I am struggling to find information on what is best & what is available to inexperienced property developers who want to jump into the pool of property development.

    How does it all work?

    Lets say, as a duo we have £40,000 ready to invest looking for a small flat to get our teeth stuck into with a property price of £70,000 with initial work budged at £15,000.

    Do I put down a deposit of £20,000 and request for a mortgage of £50,000 which would allow me to have £20,000 to carry out all the work required?

    To achieve a different mortgage would I have to register as a business & as a new business with little inexperience would the bank even worth considering us for a mortgage?

    All statements here are based on fiction, I am only looking for answers and further information.

    I am a young man training as an Accountant preparing myself for future events and these are my first port of calls, so dont think I am jumping into the property game in the too near future!

    For all those that can help, please do.

    Thank you in advance.

    Kind Regards,

    Jordon

  • #2
    Re: #advice required - how to fund property development first timer #

    Hi Jordon,

    Just concentrate on building up your credit rating if this is not going to happen anytime soon. You will be able to get a development mortgage for a small property as long as you can demonstrate that your own credit rating is good and you can manage the deposit and build costs.

    Look up on google as you will find more details on there

    Ged
    http://www.premierexpatmortgages.com
    [email protected]

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