Somo provides £330k bridging loan to complete auction purchase in 18 days
Somo agreed a 12-month term at 75% loan-to-value (LTV) through Somo Prime, with a rate of 0.82% per month.Â
Somo has provided a £330,000 first charge bridging loan to support the purchase of a seven-bedroom semi-detached property in Luton.Â
The borrowers secured the house at auction for £440,000 and needed to move quickly to meet the auction deadline.
The deal completed in just 18 days.
The property was vacant and needed a full refurbishment, so it was not suitable for a standard mortgage.
Somo agreed a 12-month term at 75% loan-to-value (LTV) through Somo Prime, with a rate of 0.82% per month.
The valuation set a gross development value (GDV) of £525,000 after refurbishment.
The borrowers already had a decision in principle (DIP) for a buy-to-let (BTL) mortgage at £330,000, giving them a clear exit route.
By assessing the borrowers’ property experience and their plan to refinance, Somo was able to deliver the funding without delay.
Related
Somo funds £350,000 second charge loan for BTL property
RYSE Finance completes bridging loan on three Shoreditch offices
Mercantile Trust completes £425,000 bridging loan in three days
RYSE Finance completes complex commercial bridging loan in seven days
Ultimate Finance provides £994,000 bridge for six-home acquisition
BuildLoan and Precise deliver £1.2m bridging loan in 11 days
FRP Real Estate Advisory structures £7.9m acquisition bridging loan for Mayfair asset
ScotLend completes Edinburgh bridging loan in two working days
ScotLend completes London bridging loan in four working days
Somo completes £400,000 bridging loan for landlord portfolio expansion
Precise completes £795,000 bridging loan in four days