August 27th, 2019. Ben Lloyd
Deal of the Month August 2019: Auction Finance for Two Nursing Homes
Speed is often everything when it comes to buying at auction, so having your finances in order is essential to securing the property you want. Our client recognised this and didn’t want to miss out. That’s why they came to our experts here at Pure Commercial Finance.
About the Deal
Our client was recommended to us by a mortgage broker we had previously helped on another deal. They were looking for a commercial bridge, in a short period of time, in order to purchase a property at auction and a potential development site.
With a gross debt of more than half a million, the bridging loan would cover the cost of purchasing one refurbished care home about to be tenanted and another disused care home which would ideally become the site of residential properties, if planning is approved.
However, due to the nature of the securities, there were reputational risks and a lot of lenders did not have the commercial mindset to see what the deal was and how it could work.
However, our experienced commercial brokers knew who to reach out to and were able to secure the finance required before the auction at a 60% LTV.
Do You Need Finance, Fast?
If you would like to purchase a property at auction but won’t have the upfront funds or a mortgage in principle ready in time, we can help find you a bridging loan that suits your needs.
Get in touch with our team today to discuss your exact needs.
Article By Ben Lloyd
August 27th, 2019
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben