Bridging Finance- Auction Funding Case Study
A client wanted to acquire a property at auction and wanted 100% of the bid price plus costs for renovating the property. He wished to buy the property, renovate it and then put it up for sale to make a profit.
Client has very little of his own funds. By using the auction property as security plus his existing property as additional security, we raised enough capital to pay for the house, renovation costs and agent fees. The client did not have to put any money upfront.
The deal was completed in 28 days and the client had 6 months to complete and sell the property in order to repay the bridging loan.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
