Area: Bury – Greater Manchester
Loan amount: £245k
Our clients had won a property at auction in Bury, Greater Manchester which they intended to sell on, on the completion of a comprehensive renovation project. The purchase was required to be completed within 21 days, however at the time of the auction did not have the funds readily available to make the initial purchase.
In order to complete the loan we used one of the individuals investment properties as additional security, meaning the overall loan to value of the deal could therefore be reduced, meaning we could effectively fund the purchase to 100%.
This then meant that the clients could then hold back the funds they needed to complete the renovation on the property. Once completed, they marketed the property – sold it at a profit to an investor and redeemed the loan.
Do you require auction finance? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.