Our client came to us through a property sourcer, he wanted to purchase a property pre auction, under auction conditions (complete within 28 days). As the property ony required a light refurbishment that would take no longer than 8 weeks. He also wanted to refinance onto a longer term mortgage within 6 months of ownership. Adding to the above, the property also had class 4 untreated Japanese Knotweed.
My Broker engaged with the client detailing the salient points of the case. We sourced the exit before sourcing the bridging loan for purchase. Once we had agreement of a lender we proceeded to support the client on the initial purchase via a bridging loan.
The client completed on the purchase and refurbished the property to include putting in place a treatment plan for the Japanese Knotweed and then returned for the refinance. The refinance was within the 6 months of purchase at the new value of the property, as we had the backing from the BTL lender already the case went through to completion seemlessly.