£63k auction financing utilised to secure Buy To Let property investment in Birmingham
£63,000 had to be sourced rapidly to provide the funding for a BTL property purchased at auction in Birmingham. The auction finance completed within 3 days.
Due to the speed of property purchases at auction with the purchase completion required within 28 days, time was a factor with this BTL property and a fast loan was necessary. 10% of the property price had been put down with an additional 15% ready to be paid, leaving £63,000 required to complete the purchase and avoid losing the property, and any funds already paid.
As Stephen Clark explains, "Despite an issue as the result of a duplicate documentation at the solicitors' end, and an unforeseen financial hurdle through no fault of the borrowers, we were delighted to source the funds quickly to ensure completion of this auction property purchase."
"Since completion, we have even been able to extend the loan via refinancing as the borrowers were not ready to exit the loan."
Could a bridge loan help with your next BTL auction property investment purchase?
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Auction Finance
Property Auction Finance is short-term finance used to purchase property at auction, including: uninhabitable properties, doer-upper's, short-lease, refurbs, flips, buy-to-lets (BTLs), conversions, renovations, development, land & commercial opportunities. It enables investors to take advantage of below market value (BMV) properties being sold at auction providing the finance to complete purchases within the 28-day limit.
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