West Midlands property developer boosted by Auction Finance

A WEST Midlands property developer is bringing much needed housing to Solihull, after receiving financial support on a renovation scheme.

Related topics:  Auctions
Warren Lewis
1st April 2014
Auction
Servicecare UK is well underway with the refurbishment of Warwick Road, which will see the current six bedroom Victorian property turned into a high-end, residential house with multiple occupation; consisting of 11 en-suite rooms with two open plan kitchens and living areas.
 
But, having bought the original house at auction in November 2013, the project almost didn’t get off the ground until managing director, Narinder Mond, received the financial backing from Auction Finance.
 
Mr Mond said:

“After purchasing the property at auction, if it wasn’t for the quick turnaround from Auction Finance, we could have lost our deposit and the project would have stopped right there. It was the first time I’ve used Auction Finance and I’ve been very pleased with the service received. They were available when we needed them the most and the finance agreement meant we could go ahead with the purchase and start the project.
 
Normally I would use my mortgage lender, but I knew they wouldn’t be able to provide the funding within the 28 day completion deadline. Having used Auction Finance I will now consider them on any future property purchase at auction.
 
This type of housing is crucial for the area and it’s the second time we’ve taken on a project of this size – previously it was a ten bedroom house with multiple occupancy property which is now being used by the local authority as part of a housing scheme.
 
This property was in a tired condition when acquired, but I hope to have it ready for occupation by July 2014, bringing affordable, high quality living accommodation in a sought-after location.”
 
Scott Hendry, director at Auction Finance, said that Mr Mond been in contact shortly before the auction in order to confirm pre-approval should he be successful in the purchase.
 
“Once he secured the winning bid we were able to action the finance agreement and loan him 95 per cent of the sale price. He will soon be securing the property on a longer term buy-to-let mortgage, and we’re pleased to note the renovation is currently on target for completion in the allotted time.
 
We look forward to working with Mr Mond again in the future, should he need the support.”
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