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100% Auction Purchase of HMO in Manchester using Auction Finance

Deal Structure

100% Loan to Value

100% of Purchase Price

Loan Amount £267,000

2% Arrangement Fee

0.75% per annum

No Exit Fees

12 Month Term

Deal Summary

Client was looking to buy a HMO property in Manchester which was divided into 8 units. The property itself had the potential to add 2 more bedrooms, making the return fantastic.

Our client was cash poor and asset rich – so they needed a loan of 100% of the purchase price in this instance.

We structured a deal where the lender took a charge on one of their current BTL properties which was unencumbered. This then gave the borrower the freedom to bid up to £400,000 for the property, without a valuation report required on the auction property they were buying!

The Client managed to secure the property at auction using 100% Auction Finance and this then followed through to a quick completion.

James Waddicker

james@positivecommercialfinance.co.uk

Follow us on @PositiveComFin
100% Auction Finance Deal Done https://t.co/J5c15t0ATf
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