The client was an experienced property developer and landlord, looking to purchase an auction property.
The property was a three-bedroom, mid-terrace, ex-local authority house believed to have been constructed circa 1970 and forming part of a larger LA estate.
They had paid the deposit and had funds to carry out light refurbishment to make the property rentable. They just needed the extra push to purchase the property before a more permanent financing option arose.
The case was expected to complete within a week, with refinancing onto a term loan as the exit. The anticipated rent could support this.
With the help of our valuer and solicitors, our team met the deadline with stunning accuracy. We could offer an initial gross loan of £141,750, which equalled 70% LTV.