Auction Bridge

HMO Auction Purchase in Kent

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What Our Borrower Needed

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.

How We Helped

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%.

This was an exciting loan to be involved in, because we had just 2 working days between receiving the application and the auction itself. We worked hard as a team to get this one over the line!
Liz, Loan Manager

* Working days from offer to completion