Bridging loan case study
Bridging Loan Secured for Quick Auction Purchase
Discover how ABC Finance bridging loan experts helped this client secure a bridging loan for a quick auction purchase.
The loan
Location
Reading
Capital raised
£455,000
How funds were spent
To purchase a property at auction
The request
This client approached us in a state of panic as he had exchanged on an auction purchase and had been let down by a lender last minute.
He was at risk of losing over £50,000 and even after already agreeing 2 extensions with the auction house, he only had a few business days to complete.
Failure to complete on the purchase after exchange would result in significant financial loss for our client, and would be a major blow to their property investment ambitions.
The solution
We were able to place the loan with a lender who we know are both quick and flexible and had delivered on similar deals previously. They instructed legals day one and carried out a desktop valuation of both properties to be used as security. Between ourselves, the lender and client, and solicitors all working outside of normal business hours were able to complete the loan before the deadline.
1.2% interest rate per month, 2.5% lender arrangement fee.
Lee Hemming
Sales Director
Talk to Lee about bridging loans for auction purchases
If you’d like to find out how ABC Finance can help you finance any type of bridging loan, get in touch with Lee today.
Lee Hemming is a specialist bridging loan advisor at ABC Finance with years of experience arranging the right finance solutions for our customers. Call, email or contact ABC Finance today to learn more.
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