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Bridging loan for Auction Purchase at 0.45% pcm for 70% Loan to Value

Deal Structure

 

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

 

Deal Summary

 

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.

John Waddicker

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John Waddicker

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Positive Commercial Finance is a trading name of Business Financial Solutions Limited. Registered in England & Wales 06451075. Registered office address Warth Business Centre, Warth Road, Bury BL9 9TB. Authorised and regulated by the Financial Conduct Authority (716012). Full members of the NACFB and FIBA. ICO registration reference Z1196910.