20 day completion on Auction Purchase and Light Refurb

An experienced borrower approached us looking for a loan to purchase a property at auction, within a tight deadline.They also required funding to carry out a £120,000 refurbishment, before looking to sell the property as our exit.

As the works were light in nature and the borrower has experience, we were able to work quickly to complete the loan in just 20 days.

Gareth Colston, Senior Internal BDM, commented: “This is a perfect example of where we can complete deals efficiently and in good time frames. A full Valuation and Asset Manager were required, which meant we needed to work smart and fast to make sure the borrower didn’t lose the property purchase.

It was a brilliant effort from the team. A huge thanks to Danny Scoltock and Gemma Roberts, who helped get this over the line. Collectively, we worked well with the broker to make sure everything was in place for funding within the 20 days required.”

Danny Scoltock, Senior Underwriter, added: “This case was a challenge with the timescales required for the auction purchase, paired with the due diligence required for a refurbishment facility. It was through fantastic collaboration from the broker, the solicitors and the borrower that we managed to perform the due diligence required whilst achieving the tight deadline on the purchase.”

For more information on our light refurb loans, click here.