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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

 

ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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