Walter Road – Finding a builder

by Craig Lambie
in Business, Invested 2, Property
on August 20, 2017

Our project manager Geraint Jones is confident that the builder he found has the right level of professionalism and team to do this larger project. A little more expensive to deliver, however the job should be done faster, when time is money, this is super important.

The numbers:
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Although the builder cannot start for 6-8 weeks, he has a large professional team and will get the job completed in 2-3 months instead of 4-5 months with a builder who is a little cheaper and can start straight away. When the bridge costs £1080 a month to service, this is super important. Definitely finishing in 4 months instead of maybe 5 means the savings in the bridge, and also reduces the risk of paying a default on the bridge, that is a fee of 3%.

We have to have the property fully tenanted before we can apply for a mortgage and repay the bridging loan.
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