Urgent Funding for an Auction Property Purchase

Location: Didsbury, England

Final Stage Development Funding

Amount Funded

£ 0

Funds made available within 2 Weeks

Our client attended a property auction just before the Covid-19 lockdown, and had agreed to purchase a studio flat in Didsbury, Manchester for £85,000. The client came to Lowry Capital, via his financial broker, on 2nd April 2020, after lockdown measures had been put in place.

The client required £51,000 to complete the purchase. Failure to pay for the  property, in full, by the auction house deadline, would result in the client not only losing the property, but also the deposit he had already committed to the purchase – as well as being in breach of contract with other potential financial liabilities.

Due to Covid-19, many lenders had either reduced their activity in the market or pulled out all together. Plus, the lenders that were still operating were struggling to get valuations done to help complete loans.

Lowry Capital arranged a safe way to get property valued, whilst respecting social distancing rules (as the property was occupied by the current tenant at point of purchase).

The Lowry Capital team also completed all legal requirements and signing of documents via internet video calling.

Broker Feedback:

The client’s broker gave us the following feedback:

Q1. How was your experience with Lowry Capital?
Very positive.

Q2. What impressed you about the service Lowry Capital provide?
Sarah was efficient, accurate and acted speedily at all times.

Q3. How do you think the service Lowry Capital provide could be improved?
I don’t think that it can!

Q4. Do you have any comments relating to our service?
“Sarah, thanks again for all your help and making another transaction go smoothly.”