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Short term lending enables client to purchase property at auction

Objective

Our client was looking to secure the purchase of a commercial property with the intention of converting it into several residential dwellings.  The property purchase price was £900,00 and the client wanted to borrow at the maximum LTV.

Obstacle

As the client was purchasing at auction the deal was timebound and completion needed to happen as quickly as possible.

Outcome

Brightstar found a lender that was willing to fund 80% of the purchase price to allow the client to secure the property.  The funds were ready to draw drown within 2 weeks.

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