An experienced, full-time landlord approached us for help in finding a short-term loan to buy at auction a 3-bed terraced house in South London in need of complete renovation.
The client, also based in South London, has grown a substantial portfolio by purchasing suitable properties ripe for conversion into self-contained flats.
The client had sufficient resources to put in 30% deposit and cover the cost of the refurbishment but as with all auction purchases, the transaction needed to complete within 28 days.
We approached a lender who we knew would process the application within the tight-timescale.
Here are the details of the deal.
Property value: £310,000
Loan amount: £217,000
Rate: 0.79% per month
Term: 12 months
Lender arrangement fee: 1.95%
Completion date: May 2015
Consultant: Chris Longhurst
Consultant tel: 01732 471607