A professional landlord has completed a £550,000 auction purchase in south-west London using a bridging loan, with the deal finalised just three days after the application was received.
Precise, part of OSB Group, structured a 75% LTV loan on a serviced repayment basis for the purchase of the three-bedroom terraced property. The borrower needed to meet the auction house's 28-day completion deadline, and the use of an automated valuation model (AVM) alongside dual rep legals helped compress the timeline.
The AVM returned an estimated value of £640,000 on the property. Once refurbishment work of around £32,000 is complete, the landlord plans to refinance onto a buy-to-let mortgage and add the property to their existing portfolio.
Specialist finance account manager Davey Gurm at Precise worked on the deal alongside broker Yehuda Waldman, director at MoneyScore.
"Auction purchases often come with tight deadlines, so it's important that brokers and borrowers can access funding quickly when opportunities arise," said Alan Kimber, head of bridging at Precise (pictured).
"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."
Waldman 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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