Auction purchase of multi-unit freehold block requiring finance urgently
Enquiry from a client advising that she had purchased a property at auction two weeks before believing that her bank would provide the necessary finance. The bank then decided not to lend and we were approached to arrange finance as a matter of urgency. The client was a first-time landlord and the property was a freehold residential investment property split into six self-contained flats. The auction deadline was extended by a couple of weeks and we managed to complete within deadline and within four weeks of receiving the initial phone call.
| Loan size | £188,100 |
| Property value | £275,000 |
| Completion date | December 2010 |

