8 April 2022

Amo – Auction

Case Study

Auction Purchased saved by SPF , where client was let down by another broker
430,000 Loan
Advisor – Amadeus Wilson
LTV – 75%
Rate – 0.75% Per month
Term – 12 months
Exit fees – None
SPF Commission – £8,600
Lender – Together Commercial Finance

Scenario
SPF Short Term Finance and Together have completed a £430,000 bridging loan to rescue an auction purchaser who was let down at the last minute by another broker.

Challenges
The client needed the loan urgently, as the property was due to go back into the next Savills auction on 3rd November if funding could not be agreed. The legals and valuation needed to be executed within a week as the vendor was becoming demanding and the buyer was at risk of losing their 10% auction deposit.

Outcome
We were able to pull out all the stops for the client and work closely with our trusted lender partner to get the case completed within the timeframes, saving their deposit and ensuring they completed on their purchase. We also needed to execute the documents remotely removing the need for a physical signature but the client was delighted we could get the transaction sorted and this illustrates the importance of using an experienced broker when purchasing at auction

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