Precise completes £550,000 auction purchase bridging loan in three days
The landlord plans to carry out around £32,000 of light refurbishment works before refinancing onto a buy-to-let (BTL) mortgage and adding the property to their existing portfolio.
Precise, part of OSB Group, has helped a professional landlord secure a £550,000 auction purchase in South West London, completing just three days after receiving the application.
Davey Gurm, specialist finance account manager – bridging at Precise, worked alongside broker Yehuda Waldman, director at MoneyScore, to structure a 75% loan-to-value (LTV) bridging loan on a serviced repayment basis for the purchase of the three-bedroom terraced property, enabling the borrower to meet the auction house’s 28-day completion deadline.
The landlord plans to carry out around £32,000 of light refurbishment works before refinancing onto a buy-to-let (BTL) mortgage and adding the property to their existing portfolio.
An automated valuation model (AVM) was used as part of the application process, with the property receiving an estimated value of £640,000.
The use of an AVM and Dual Rep legals helped streamline the process and ensure the purchase could proceed without delay.
Alan Kimber (pictured), head of bridging at Precise, said: “Auction purchases often come with tight deadlines, so it’s important that brokers and borrowers can access funding quickly when opportunities arise.
“We were able to structure a solution that met the customer’s requirements and helped the borrower secure the property ahead of their planned refinance onto buy to let finance.”
Yehuda Waldman, director at MoneyScore, said: “Our client was working to a fixed auction deadline and needed certainty that they could complete on time.
“Davey and the team at Precise moved quickly from application through to completion, giving the borrower the confidence to proceed with the purchase and their refurbishment plans.”
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