What was needed?
Our client purchased an undervalued property based in Manchester at auction. Our client’s plan was to purchase the property from auction and move it onto a buy-to-let once all works to the property have been completed.
The client required a loan of 75% of the market value of the property which was £100,000
The bridging finance was agreed upon at a rate of 0.95%.
The total term of the loan was 6 months.
Once our client completed the required work on the property they refinanced into a term loan.