22 April 2022

Auction Purchase £1.1M

Auction Purchase £1.1M
Advisor – Laura Toke
LTV – 60%
Rate – 0.59% Per month
Term – 12 months
Exit fees – None
SPF Commission – £16,500
Lender – Funding 365

Scenario
SPF Short Term Finance worked closely with Funding 365 to secure auction finance within 2 weeks and the loan was arranged at a highly competitive rate of 0.59% per month.

Challenges
The client only approached SPF a few weeks before the contractual completion date and we needed to arrange a valuation, full legals and due diligence within the auction timeframes for a £2.3M purchase. We worked closely with the lender and their solicitors, to ensure a smooth process.

Outcome
Funding 365 had just reduced their bridging rates so we were able to take advantage of securing a competitive deal for the client, whilst also working with a lender we trust to deliver within the timeframes. As the property was already tenanted, SPF were able to quickly arrange a buy to let mortgage after completion to repay the bridging loan, having done all our due diligence on phase one saving the clients fees and interest.

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