Auction finance for dilapidated maisonette above hairdressers

The client is an experienced landlord and property developer who approached me to help him find finance, as quickly as possible, in order to purchase a maisonette in East London which was being sold at auction.

The client wanted to make the purchase using his limited company which meant that not all lenders were interested. Also, as the property required comprehensive refurbishment before it could be let, it looked unlikely that the maisonette would be accepted as sole security.

We sourced a lender that was happy to take the maisonette and another property belonging to the client as security and the loan was arranged within the necessary auction timescale.

Here are the details of the deal:

Property value: £310,000

Loan amount: £217,000

LTV: 70%

Rate: 0.73% pm

Term: 12 months

Lender arrangement fee: 1.95%

Completion date: June 2014

This is just one example of how I've helped a client secure a short term loan. To see more of my case studies please visit my profile page. And if you have any funding requirements, please do not hesitate to contact me. My direct line and email address can be found below.

3rd June 2014