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Auction finance for purchase of un-modernised London terrace

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

LTV: 70%

Rate: 0.79% per month

Term: 12 months

Lender arrangement fee: 1.95%

Completion date: May 2015

Consultant: Chris Longhurst

Consultant tel: 01732 471607

 

Consultant

NB: 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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