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

Person holding bidding card

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 Ben Lloyd

August 23rd, 2016

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

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