63.5% LTV net
2% Arrangement Fee
Interest at 0.95% PCM, paid monthly
1% Exit Fee
No Additional Broker Fee
6 Months Term
Our client had agreed to purchase a very substantial vacant office building in the North East to ultimately convert to residential units. He had already arranged a facility with a Development Finance lender which was to assist with the property acquisition, however that lender wasn’t able to complete by the deadline the selling agent had imposed.
At the point of giving us the go-ahead, the borrower had circa 6 working days to complete on the purchase, otherwise he was in danger of losing his deposit.
We were therefore tasked to find a lender who was able to complete on the purchase within that extremely tight timeframe. Given that timeframe, an existing valuation report would need to be utilised, so no time was lost waiting for a valuer to inspect the property. Solicitors were quickly instructed whilst the existing valuation report was audited.
The purchase was completed within the selling agents required timeline.