100% Loan to Value
100% of Purchase Price
Loan Amount £267,000
2% Arrangement Fee
0.75% per month
No Exit Fees
12 Month Term
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.