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Bridging loan for an Auction purchase with fast completion required. NO valuation required and NO legal fees.

Deal Structure

70% Loan To Value

Interest Rate 0.49% per month

Arrangement Fee 2%

Exit Fee 2%

12 months term.

My client placed at winning bid at auction to purchase a residential property in need of refurbishment. Given it was an auction purchase, the buyer had 28 days to complete – or so he thought! A couple of weeks into the process, the buyer discovered he actually only had 21 days to complete, which meant the relevant solicitors had to prioritise the job to hit the target deadline.

Our relationship with the lender saw them “fast-track” the application given a completion date had already been “programmed” in with their solicitors, which needed to be brought forward after the client noticed the completion date had to be sooner than originally thought.

The borrower preferred an Auction Finance option we presented with no valuation required, and with free legal fees from the lenders’ solicitor. The interest rate was extremely competitive at 0.49%, and whilst that particular product came with a 2% exit fee, the benefit of the free valuation and legals sealed the deal. Interest was retained for the full term.

This was the first such purchase by the borrower, who had recently sold a successful business and had decided to become a property investor/ developer, so he did not have any visible property investment experience.

Contact John Waddicker

john@positivecommercialfinance.co.uk

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