Auction Purchase

We were approached by a client that required a bridging loan on a property in the Northeast that that had purchased via an auction to his limited company, that needed to complete in 28 days. The client needed the funds for the works and 100% of the build and acquisition costs.

Through our excellent relationships with bridging lenders, we were able to arrange the loan through a lender who was able to meet these tight deadlines. The lender was also able to offer a 2nd charge secured against the client’s main residence for business purposes as the client’s plans are to sell the property to enable the client to release the required monies.

We were able to broker a total facility of £70,000 with a monthly interest rate 0.69% per month.