Bridging finance saves investor
What was the situation?
We were approached by one of our clients looking to increase their residential portfolio.
What was the issue?
When the client received the valuation report for the property they wished to purchase, it was deemed un-mortgageable as the property required complete modernisation. The client had already exchanged contracts by this point, and was concerned they could lose their 10% deposit lodged with his solicitor and therefore urgently needed to complete.
What was the process?
We suggested that they take out a short-term facility to carry out the refurbishment uplift. We facilitated them in borrowing 75% of the purchase price before converting to a buy to let (BTL) mortgage.
What was the solution?
We secured the client a short-term facility for 75% on a six-month term, which enabled them to secure the asset, carry out the refurbishment requirements to allow them to exit to a term solution.
The client was extremely grateful and happy that we could solve the dilemma in such a short space of time and once completed, move them to a solution to repay the facility, once refurbished, on more favourable terms.
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Testimonials
Our happy clients
LDN Finance were on the ball, helpful, supportive and nice to deal with. They were brilliant at back channelling with both lender and lawyers. We had tricky development and bridging finance and a short time frame. I would recommend them.
LDN Finance are a very professional and helpful company. We have done several deals though Chris and the Specialist team and I would thoroughly recommend them.
An extremely professional service, explaining different stages of the bridging refinance process. I was kept informed with regular updates as to progress and requests for additional information. I would recommend with confidence.
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