70% Loan to Value, based on Open Market Value
Interest Rate 0.45% per month
1% Arrangement Fee
No Additional Broker Fee
No Application Fee
No Administration Fee
No Exit Fees or ERC’s
Our experienced landlord client had agreed to buy at property prior to auction, but still under auction circumstances, so a completion within 28 days was required. The property only required a cosmetic upgrade and was therefore currently habitable. The client will be carrying out a quick refurbishment to achieve the maximum rent.
We were tasked with finding the very best deal, at 70% Loan to Value (gross). Clearly our client had the pick of the marketplace, given he was a very experienced landlord, having experience of refurbishing properties, and he had the cash resources to cover the cost of works himself.
We presented a Bridging Loan with a rate of 0.45% per month, with a 1% Arrangement Fee. There were no exit penalties, ERC’s, administration fees nor application fees. Valuation and legal fees were very competitive. The client was happy to accept, and completion took place within the 28 day window.