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Our borrower required a bridging loan to purchase a large HMO at auction. They came to us before the auction and we advised how much we’d be able to lend – up to 70% of the purchase – so that they could go into the auction with confidence, knowing they had financial backing.
The borrower was successful at auction, and we arranged a survey to confirm the property value straight after the auction took place. The survey did slightly down-value the property. However, given the high rental yield, we took a view and kept to our offer even though the LTV took us above 70%.
