semi-commercial auction purchase, SW11
The client required £400,000 to complete the purchase of a semi-commercial property via auction. With only 3 weeks to complete the transaction, time was running out and he faced risking his deposit.
MT Finance solution
On receipt of the enquiry we issued an offer in principle to the client and was able to instruct the valuation and solicitors on the same day. Our solicitor was working from home but arranged to meet with the client to sign the documents. This fast and proactive approach allowed us to complete the transaction in just 10 days, providing a £400,000 loan at 65% LTV. Interest was retained at 0.75%, over a 17-month term.
Our loan meant the client was able to purchase the property by the proposed completion date- thus saving their deposit. What’s more, the 17-month term gave them plenty of time to carry out the works and significantly increase the value of the investment property. The client will then be able to sell the investment asset against a higher value, enabling them to repay the short-term loan and enjoy a substantial profit.