What was needed?
Our client in London purchased a property at auction, a 3 bedroom townhouse that had structural issues. The client had originally agreed finance with another provider but the lender pulled out once the structural issues were identified by a survey. The client needed to replace that auction finance as quickly as possible.
What did we do?
We sat down with the client to understand what the structural issues were, what needed fixing and what their situation was before shopping the market and speaking to our panel of lenders, where we were able to agree a new lending facility within 10 days.
The client required a loan of 75% of the market value of the property which was £500,000
The auction bridging finance was agreed over a fixed term, and so the rate of interest was also fixed at 6% of the total value of the loan.
The total term of the loan was over 12 months.
The client, once they’d completed the required work on the property refinanced into a longer-term finance arrangement.