Loan amount: £272k
Our client won a property at a local auction – a Grade II listed church and separate outbuilding originally used as a refectory which they aimed to convert into two flats in the main building, whilst living in the detached refectory themselves. The terms of the auction stipulated that they were required to pay the deposit within a month of the auctions close or they were to lose the property.
They had accepted an offer on their current property which was to be used to fund the conversion project, however their buyers finances had fallen through, leaving them with an unsold property and no finances to secure the church.
After exhausting a number of different options 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 being that they could pay for the auction property, whilst also providing extra time to remarket and find a buyer for their old home.
We are regularly approached by clients in this situation, who feel they may lose out on the new property follwoing an auction when things do not quite go as planned. In this situation we found that if the couples exisitng 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.