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Loosing Property Auction Deposit Wasn't An Option
When a broker's client agreed to purchase a property at auction via a standard BTL mortgage, no one anticipated it wouldn't be complete in time.
By: Holme Bridging Finance Solutions
Unfortunately that's exactly the problem they were faced with. After agreeing to buy the property, and securing with a deposit, the end of the 28 day period was close and still with no mortgage offer.
Holme Finance Bridging Solutions were approached in the hope of rescuing the deal by approving and funding a 69,000 bridging loan quickly.
Dan Yendall-Collings, senior underwriter at HFBS says: "Thankfully the client had managed to secure a 10 day extension agreed with the auctioneers. We did require a valuation as the property was boarded up and appeared uninhabitable. Thankfully the cash valuation came in as we expected enabling us to release funds immediately. We did this all within the auctioneers extension with two days to spare!"
HFBS approved the funding immediately issuing an offer pack subject to valuation.
The deal was completed within seven working days and provided over a 12 month term at 1.1% per month.
Dan goes on to say: "The client was relieved and happy that they could acquire the investment property and progress with works as originally planned. The alternative would have been to walk away and lose the deposit that he paid on the day, which would have been tragic! We're pleased to have been able to save the deal, and the investment, and very much looking forward to seeing the development completed."
HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month with advances from just £10,000. HFBS Bridging Solutions have been advancing short-term funds, via a limited panel of intermediaries, for over 15 years with complete authority on their lending. No solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, no default rates. HFBS really mean business. https://www.hfbridging.co.uk/
Page Updated Last on: Jun 08, 2021