September 24th, 2019. Ben Lloyd
Deal of the Month September 2019: Fast Auction Finance for Land
Finding finance at short notice can be daunting if it’s your first time purchasing at an auction, but it doesn’t have to be when you have a bridging finance specialist by your side. This was the case for one of our recent clients who purchased some land.
About the Deal
Our client came to us after winning an auction for a plot of land that had planning permission to build three executive style properties. This was their first auction and their first development project. They had 23 of their 28 days left to pay up, so needed finance in a very tight timescale.
With a gross debt of £500,000, we identified a lender who did not provide the ‘market-leading headline rate’ but was able to get the deal done in the timescale required. This goal was the client’s priority, especially after putting down a 10% deposit that was at risk if he did not make the deadline.
Our Specialist Property Finance Advisor, Jamie Williams, organised all professional parties involved in the transaction to ensure we could close the deal as quickly as possible. The client secured the plot within agreed timescales and is well on his way to the first drawdown of the build.
Turn to Pure Commercial Finance When You Need Fast Funds
If you’re considering purchasing a property at auction, or have already done so, our experienced commercial finance brokers can help. Get in touch today to discuss your needs and to see what bridging funds we can help secure you.
Article By Ben Lloyd
September 24th, 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