Client: Non UK Resident
Area: Romford
Property Value: £1,850,000
Capital Raised: £1,095,000
Time to Completion: 10 days
Loan To Value: 60%
Loan Term: 9 months
The Scenario
Our clients had spotted a rare opportunity to purchase three buildings comprising 14 flats and 6 letting rooms occupying a large rectangular-shaped site.
Our client won the bidding and put down 10% of the purchase price, plus auction fees, on hammer-fall. Now, they had just 28 days to pay the balance.
The Solution
Unless you're a cash buyer, short-term finance such as a Bridging Loan is the only way you can buy at auction. Auction house payment deadlines vary from around 20 to 28 days - which isn't long enough time to get a mortgage set up, with all the necessary valuations and title paperwork.
The bridge loan we found for them was comfortably within their finance budget, and the funds approved and money in the bank in time for them to pay the full purchase price on time.
Benefit
By coming to Accelerated Finance, our clients benefited from a wealth of knowledge within Auction Finance but also working with a range of lenders on our panel that can act fast.
When a client needs a bridging loan, it is usually because there is a need for speed. We work fast to get our clients the fund they need when they need them.
