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Fast £300k auction purchase finance

Fast £300k auction purchase finance

September 2023

The situation – Having spotted a lucrative investment opportunity at auction, the Hertfordshire based buy to let clients needed to quickly obtain additional finance of £300k to help secure their successful bid.

Due to the tight 28-day auction house deadline, on top of delays arising from issues identified on the valuation report for the 3 bedroom semi-detached property, the clients were facing increasing pressures. With a £60k initial deposit at risk, the investors understandably sought expert advice to help combat their challenges.

Looking to secure bridging finance through their limited company, the clients approached The Loan Partnership team with only a 2 week deadline for the completion.

The Loan Partnership Hertfordshire Property
Sarah Gaffney The Loan Partnership

Our solution – With an extensive background in bridging finance, Sarah stepped up to the challenge. Understanding the urgency of the situation, Sarah had an initial call with the clients to understand their full portfolio background and requirements. Working fast and utilising her industry knowledge she was quickly able to identify Together Commercial Finance as a lender that would be able to provide the client the funding they needed within the short deadline.

Ever striving to support TLP clients, Sarah contacted all relevant parties within the application process, including the clients’ solicitors, to ensure the tight timescales were adhered to and any unnecessary delays were avoided.

The clients were able to provide all required documentation within just a few days and to save further issues, Sarah was able to instruct an online valuation for the property, avoiding further delays in obtaining the valuation report.

Thanks to Sarah, Russ and the team’s speed of service and additional due diligence, the completion of the loan was able to take place within the 2 week deadline and the clients were able to secure the auction property with a competitive short term bridging loan.

The clients’ feedback – Having saved the clients from potentially losing their substantial deposit and securing them affordable finance to complete the purchase, the clients were incredibly pleased with both the outcome and Russ’s service.

Now loyal clients of The Loan Partnership, the landlords are now further expanding their portfolio and have already tasked the team with securing the finance for their next purchase.

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