Auction Purchase with an 8 Day Deadline
Location: Aylesbury, Buckinghamshire
Our client had the opportunity to purchase a terraced house in need of refurbishment in Aylesbury, Buckinghamshire for £37,000 below market value but on the strict condition that the purchase was completed quickly, giving Lowry Capital just 8 working days to complete the bridging finance transaction from application to completion. The purchase price was £153,000 and the surveyor advised that by spending £15,000 on refurbishment, the property would be worth £250,000. This provided a net profit to the client of £67,000 after deducting the refurbishment, finance and legal costs
Funds made available in 8 days
A superb example of bridging finance being used to take advantage of a great buying opportunity for our client. The timeframe was tight and the funds had to be there by the deadline or the opportunity and potential profit of over £60,000 would be lost. Terms were issued within 30 minutes of the application, the property valuation was booked the same day and our solicitor sent out the legal documents within 24 hours of the case being instructed. The client was clearly motivated! The loan completed within eight working days.