+
CLOSE
+
CLOSE
Register

By submitting this form you confirm that are happy to submit your data, which will be used solely for the purposes of my above enquiry

+
CLOSE
Quick Enquiry

By submitting this form you confirm that are happy to submit your data, which will be used solely for the purposes of my above enquiry

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

Contact

John Waddicker

Quick Enquiry

By submitting this form you confirm that you are happy to submit your data, which will be used solely for the purposes of your enquiry. You can view our Privacy Policy here.

Positive Commercial Finance is a trading name of Business Financial Solutions Limited. Registered in England & Wales 06451075. Registered office address 1 Harvey Street, Bury BL8 1NL. Authorised and regulated by the Financial Conduct Authority (716012). Full members of the NACFB and FIBA. ICO registration reference Z1196910.

We are a credit broker, not a lender. We work with a panel of lenders who may pay us a commission. This amount varies between lenders.

/* */