Funding 365 Saves auction purchase in 5 days
Funding 365 has stepped in at the last minute to deliver a 12 month, £330,000 residential bridging loan to complete the auction purchase of a dilapidated, semi-detached house in London.
John Charcol approached Funding 365 on behalf of the client, who had been let down by another lender after contractual completion and with only days left on their notice period. With time in critically short supply, a new source of finance had to be secured to avoid losing the client’s deposit.
Funding 365 moved quickly to instruct the surveyor, with an inspection of the property undertaken one day after receiving valuation fees. Despite the nature of the works required to make the property habitable, which included the installation of a new kitchen and bathroom as well as new flooring and windows, Funding 365 delivered a 70% LTV solution just five days after the enquiry was received.
The speedy completion benefitted from close communication between the broker, borrower and underwriter on the case. The result was a highly tailored and competitive loan that enabled the client to use £50,000 of their own funds to complete the refurbishment to a high standard in preparation for refinance onto a buy to let mortgage. The loan is under Funding 365’s flexible Residential Bridge product, which offers tailor-made funding solutions of up to £10 million on residential properties in England and Wales, with no admin fees, exit fees or early redemption fees. All of their transparent products can be viewed on their website, www.funding-365.com/products
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