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Purchase of a property which failed to sell at auction.

Deal Structure

70% LTV on Day 1 plus works funded in arrears

2% Arrangement Fee

Interest at 0.79% PCM, retained

No Exit Fee

No Additional Broker Fee

12 Months Term

 

Deal Summary

Our client agreed to purchase a residential property which had previously failed to sell at auction.

The purchase still had to be completed “under auction conditions”, and as such a 28 day deadline loomed.

 

It was a run-down residential property in Norfolk, in need of a rather significant upgrade and refurbishment, with the cost of works amounting to circa 25% of the purchase price. The client was used to carrying out such works to properties and would be project managing and dealing with the sub-contractors directly.

 

Whilst the fact that it failed to sell previously would have deterred some lenders, our panel includes lenders who are more willing & able to consider the proposal on its own merits, and take a commercial view.

 

The purchase was completed in good time, enabling the client to begin stripping out the property prior to undertaking the full refurbishment, before selling on the open market.

 

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.