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The same goes for any other skill or expertise you might need access to. Bridging finance at 12% might sound expensive, but work out how much profit you’re expecting to make on the project: you might find that it works out cheaper than the percentage you’d need to give away to your partner. Others like to have full control, and don’t like being answerable to anyone else.
You could employ an architect and a builder, but you decide to structure the project as a JV so you can get the benefit of their experience throughout and your interests are aligned.
For example: Again, the total cost is £130,000 and the property is sold for £160,000.
For simplicity, let’s say that the project takes a year from start to finish.
Example 2: You want to buy a house, refurbish it, then remortgage for a higher value.
(Read my detailed article about this strategy.) Rather than using bridging finance, you find a JV partner with funds you can use to initially purchase the property.