Is it easy and quick to get a bridge loan currently? And what's the timescale for an investor to buy generally?

[CatAndHisKit]

I ve accepted an offer from a BTL investor (they have their registered company, but mostly it's one person or a couple buying), and they haven't done much at all since offer s been accepted. It was oroginally because I needed time to buy, but I still expected them to domore than appoint solicitors - no instructions so far.

I hope it's because they've tried the process many times and it can be done quickly (rather than not being serious) - but I've recently read that bridging loans aer hard to get now, that's their intended way.
Assuming ther are serious, how long would it take to get the loan and complete? Would an investor do the usual searches/survey or would htey just bing their builder around (they want to do some restructuring)?
I spoke to the agent about 10 days ago to say that I can rent if I can't find anything very quickly now, but again nothing been done in those 10 days.

*bridging loan, that is!

Why would they need a bridging loan? If you live in your property, then it’s havitable, isn’t it?

Why would an investor need a bridging loan? Sounds unconvincing to me. Tell the estate agent that if there’s no progress you want to put it back on the market, that should establish whether they’re serious.

thank you! They said they will use the loan on the outset (when I've accepted the offer).
I think it's in terms of doing minor layout alterations (possibly putting an extra bathroom in) before renting it out - I thought to finance the project? The house is otherwise in good condition, not just done up but good.
I can't see wy would they lie if they didn't intend to buy - the agent said it's an expensive way of buying but the interest aer low currently, so I thought, fair enough.
If I do'nt hear tomorrow though I will ask to be back on rightmove (nothing from them since my call to agents yesterday). They were getting a good deal though as stamp duty was announced after theyve offered, I'd expect more if it was after, but decided to let it be.

*interest rates

I don't know too much about this but there are many 'property gurus' and guys online telling everyone how to get rich quick on the property ladder and this is one of the tactics they tell people to use if they don't have the funds to buy a property.

thanks, Pippin - they are not a first time investors though, done it before. Are you saying it's not a good way despite what the 'gurus' say?

I also dont understand why they need a bridging loan unless they have another property to sell in order to buy yours, and they haven't managed to sell it yet.

Palavah, so are theyse not used to fund alterations? It's possible they ar also selling but didnt mention it.

To be honest i don't really know too much about this subject but I have come across some YouTube videos that investigates these property gurus, and bridging loans seem to be a method they are telling people to use.

Bridging loans do not take long to get but are expensive. I'd give them a deadline and if things are moving by then put your house back on the market

thanks user how long to give them, do you think?

Surely a loan would be agreed in a week or so? Maybe your solicitor would know.

The rest of the process won’t be any different, the legal stuff is often the part that takes the longest so you’re still looking at around eight weeks at absolute quickest. More like twelve weeks I’d say.
How long is the chain above you?

Ask your estate agents how long things are generally taking to complete. Not how quick it can be done, but what is usual at the moment.

I don't understand what else you want them to have done when the chain isn't complete? Why would they start paying out for legals when you haven't found somewhere else to buy or said for definite you will move into rented?

rambling I did say two weeks ago that i'll move into rented if I can't find anything with no chain. We originally taled about cpmpleteing end of Sept but end of October is fine - I've instructed my solicitors who drew a comtract a wgile ago, to show I'm serious (the offer was a bit low), and have asked to start on hteir end 10days ago but nothing was dome. I keep looking and made a couple of offers on hte basis that I'm in good position with one persomn in chain and no mortgages involved, but I need to see the buyer starting with the legals to know they aer definitely on board.

Greyish the thing is agents estimate on the usual mortgage process, even they said it's unusual to buy with bridging loan so they wouldn't know exactly how long, the buyer presumably would know. I also meant that possibly investors don't do the usual surveys if they have their own surveyor or builder they trust. So that would be quicker. SAme with searches - may not be bothered with all searches a private buyer would do, esp as the house was bought 6 yrs ago and all searches wer fine then.

p.s. when i offered on one house, sellers asked how far am I in the selling process, I could only say I instructed solicitors, it would help if I could say that buyer has started the searches/done surveys too - it's so competitive currently that anything helps - rather than a vague 'I've accepted an offer (but no idea if buyer ca get that loan or not)'.

*I've instructed

I don’t think they estimate on the mortgage process, in my experience it’s the legal side that holds things up.
Might still be worth your asking and then you can optimistically take a couple of weeks off.

they said 6-8 weeks is usual, but would be good to hear from buyer's experience the way she does it.