Beware the hidden costs of bridging loan penalties (late fees) if your new-build project timeline is delayed.
Are you considering a replacement dwelling or new-build project in the greenbelt?
Expert planning consultant Mark Doodes warns of the risk of budgetary creep from project delays and bridging finance.
Issues such as:
- policy changes
- seasonal surveys for endangered species (bats, great crested newts etc.)
…can add unforeseen time to the expected project duration.
Where bridging loans are used, ‘late fees’ are charged for every month the project goes beyond the agreed timescale. And according to Mark, the additional costs can be eye-watering.
The Smallholdings Team.
