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Auction finance with no exit fee to purchase and refurbish 2-bed house

The client is an experienced landlord with over 20 rental properties located in and around Manchester.

He contacted us looking for auction finance to purchase a two-bed terraced house in need of a new kitchen and bathroom and a general tidy up before it could be let.

The landlord estimated the works would take around 6-9 months to complete but was keen to find a loan with no exit fee in case he could finish the job sooner.

We suggested an auction finance provider which finds this type of case straightforward, has a product with no exit fees and is currently offering a very competitive rate.

The landlord agreed and the funds were arranged within the 28 day timescale on the following terms:

Property value: £53,500

Loan amount: £37,450

LTV: 70%

Rate: 0.75% pcm

Term: 9 months

Borrower: Individual name 

Lender arrangement fee: 2% (£749)

Monthly payment: £280 pcm

Expected rental income: £450 pcm

Gross yield: 10% pa (based on pre-works value)

Consultant name: Andy McOwat, 01625 416369

 

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

 

Consultant

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