Deal of the Month: Quick Finance for an Auction Property Purchase

Sometimes you need property finance fast. That was the case for one of our clients, who came to us needing quick auction finance when another lender let him down just before completion.

Our client had purchased a property at auction and, with his original finance being accepted yet not coming into fruition, was worried that this may be in jeopardy. There was the very real risk that he could lose the deposit he placed on the property.

In order to ensure the purchase of his two-bedroom, semi-detached in Croydon, London, he needed a bridging loan… and fast.

A deal falling through may be unavoidable at times, but working with the professional team at Oblix, we managed to secure our client the bridging loan they required within just 7 days. Our client was able to complete his auction purchase with time to spare and is now the proud owner of his own small piece of London.

Colin Moloney, Property Finance Specialist here at Pure Commercial Finance, said:

“Our client rang in on a Thursday evening in a panic as the lender, that another broker had put him with, had reduced their loan size with no notice and he no longer had sufficient funds to complete the purchase of his property. He was at risk of losing his deposit as the deal needed to complete the following Friday.
“By the next morning we had an Agreement in Principle from Oblix, and by Friday evening solicitors were instructed. We managed to use our experience to navigate legal and title issues along with Oblix, their solicitors, and the client’s exceptional solicitor to complete the morning the money was due, saving our client his deposit and giving him his very first property.”

 

bridging finance
Read more:
UK Commercial Lending is up by 19%
Who is Eligible for Bridging Finance?
The Pure Commercial Finance Guide to Buy-to-Let Investment

Article By Luke Egan

August 23rd, 2016

Luke heads up our specialist property finance team where his focus is to drive our transactions valued between £100k and £5m.

Luke and his team manage enquiries from initial enquiry through to redemption. Luke also sits on the internal credit committee with Ben and Tom.

Luke joined Pure back in 2014 following a successful role in the Barclays property finance team that lasted over 8 years.

See more articles by Luke

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