A client successfully completes an auction purchase with our help
The Challenge
The client had purchased a two-bedroom terraced property at auction in Liverpool and required funds to complete the purchase within 28 days, as she did not have the relevant finance in place to complete the purchase. Had we not provided the funds the client would have lost their deposit of £12,000.
The Solution
The client had borrowed from us previously and had successfully repaid the loan on time. For this Bridging Loan, we took a 1st Charge over the property, and were able to provide funding to the client in 10 working days. The deal was completed and funds released in time for the client to complete her auction purchase. The client will be arranging longer term finance to repay the short-term loan.
Deal Breakdown:
Funds required: £29,400
Time taken to complete: 10 working days
Loan duration: Six months
LTV: 70%
Security: Freehold property located in Liverpool
Charge: 1st Charge
90 Day Valuation: £42,500
Why our client chose Kuflink
Kuflink had previously provided finance for the client, and as she was completely satisfied with the speed in which we were able to provide the funds, the client approached us again for further funds.
