10 day bridging finance - auction purchase gone wrong on buy to let mortgage

10 day bridging finance  - auction purchase gone wrong on buy to let mortgage
Loan to value:
75%
Rate:
0.79%
Value loaned:
£535,000
Completion time:
10 days

Our client came to us as she had purchased an investment property at auction. The route that the client took to complete was via a Buy to Let broker who had started the application for a BTL (buy to let) for her. 28 days in, notice was served, leaving the client a very short time span to complete. Considering the property hadn't had a decision in principle acceptaed nor valuation instructed, it was clear that the buy to let mortgage route was not going to secure her property for her and she risked losing her deposit. The client lacked the remainder of the deposit, also which did complicate things somewhat. 

 

Thinking outide of the box, Auction Finance got to work in securing a lender that would complete within the 10 days including valuation for the initial purchase and then also secured a second charge to complete the purchase. 

 

If you find yourself in a similar position with an auction purchase, contact us here, and we will do our best to secure the funding for you to complete with the least hassle possible.

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