Bridging finance for new property
Does anyone have experience with bridging finance?
There is a property I want to buy for $2m, inner city suburb. I have existing assets, but would need to restructure:
- $550k land (0 owing)
- $550k shares (0 owing)
- $950k house (750k owing)
- $800k house (240k owing) - rented $700p.w
- $1.2m house (320k owing) - rented 700 p.w
- $450k cash
My salary is $290k, with 80k commission. My wife's salary is 48k.
Would a broker be able to provide bridging finance for a loan for this property, assuming I will restructure assets over 12m?
u/Fearless-Maximus-251 — 8 hours ago