Loan amount: £260k
Our clients had won a property at auction which they intended to renovate and sell on once they had done so. They needed to complete the purchase within 21 days and but did not have the necessary funds available at the time to put towards the purchase.
In order to complete the loan we used one of hthe couples investment properties as additional security, meaning the overall loan to value of the deal could be reduced. This then meant that we could effectively fund the purchase to 100%.
The clients could then hold back the funds they needed to complete the renovation. Once this was done, they marketed the property – sold it at a profit to a holiday home investor and redeemed our loan.
Do you require auction finance? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.