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LANDLORD SECURES FINANCE FOR AN UNMORTGAGEABLE PROPERTY AT AUCTION

Objective

Mr & Mrs X were looking to purchase a property which was due to go to auction. The property required a total refurb including roof repairs, heating, kitchen, bathroom etc. The client was keen to buy the property because Mrs is a professional letting agent and keen to add to her existing property portfolio. The added convenience of the property being next door to their main residential property made the purchase even more desirable.

Obstacle

Having discussed the property purchase with their mortgage adviser, they were advised that, as the property was not deemed to be habitable, it was therefore not suitable for mortgage purposes. In addition, it was also subject to 28-day completion deadline due to auction conditions.

Outcome

Brightstar were able to complete a 70% LTV short-term bridge of £183,500 via Masthaven Bank at a rate of 0.78% PM.

The case completed within 4 weeks from start to finish, which meant they were able to meet the auction deadline. Once the refurbishment is complete, they will refinance on a buy-to-let mortgage.

The commission paid to the broker for introduction on a referral basis was £1835.00

 

The introducing broker said…

“This is my first case with Mike and Kit and I am delighted with the first impression that they have given to me and my client. Prompt replies to requests for product information due to their experience and product knowledge, suggestions for workarounds to achieve client objectives – constant progress updates and clear communication on requirements to save time. Always planning ahead for what information ‘might’ be requested to keep us ahead of any processing hold-ups. Overall, so easy to deal with and have already placed another case as I felt so confident.”

Marcelle Murphy, Mortgage Life Solutions Ltd

 

 

FOR INTERMEDIARIES ONLY AND NOT INTENDED FOR THE GENERAL PUBLIC

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