Area: Woodbridge, Suffolk
Loan amount: £680k
Our client approached us after they had won a property at auction – a Grade II listed church and separate outbuilding originally used as a refectory which they aimed to convert into three flats in the main building, whilst living in the detached refectory themselves. The auctions terms stated that they were required to pay the deposit within four calendar weeks of the auctions close or they were to lose the property and it would be relisted at auction.
They had accepted an offer on their current property in the nearby town of Hadleigh which was to be used to fund the conversion project, however their buyers finances had fallen through, leaving their property unsold and thereby ending the chance of them having any conventional means of securing the purchase of the church.
After exhausting a number of different options to no avail – including both high street and online lenders – they contacted our Specialist Lending department at One 77 Mortgages.
Following a fact finding exercise we found that the couples current home provided enough security for a specialist lender to raise bridging finance against.
The result was that they could pay for the auction property. This also afforded them the extra time they needed to remarket the property in Hadleigh and find a buyer.
We are regularly approached by clients in this situation, who feel they may lose out on a new property following an auction when things do not quite go as planned. In this situation we found that the couple’s existing property provided enough equity to use as security against the conversion project and they were able to proceed with their plans free of stress.
More often than not, it is not just the range of products available to clients, but in finding creative ways to utilise the options available. This is where the extertise and experience of One 77’s Specialist Finance team comes into its own.
Do you require auction or bridging finance? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.