Client situation.
An auction enquiry was introduced to us by a valued broker, for a 3-bedroom flat in Croydon. The borrower, an experienced property developer, had won at auction and needed financing to complete the purchase. They had their own funds lined up for a comprehensive refurbishment during the loan term, but needed a lender who could complete quickly to fund the auction purchase, while understanding the scope and timeline of the refurbishment.
Our solution.
We structured a £150,000 facility at 68% LTV, which met the needs of the borrower with a proven track record. Our assessment process focused on the strength of the security and their ability to execute their refurbishment plan and add value to meet their proposed exit. With confidence in their plans, we structured terms that gave them the ability to complete their auction purchase to put their plans into action.
Result.
The completion within two weeks allowed the investor to complete their auction purchase and begin their project on schedule. Another successful partnership between broker, borrower, and lender that demonstrates our commitment to supporting experienced property professionals. The investor could focus on what they do best – adding value to properties – while we provided the reliable funding platform they needed.
Supporting property developers is what we do best – let’s discuss your next project.