Fast Finance at 0.499%pcm
3 weeks from acceptance to completion on a greater London residential investment
Residential investment is an asset class we have been very busy with during 2021, seeing strong volumes of enquiries and completions.
Our case study this week is a good example of one of those transactions with bridging finance required due to time pressure on completion.
Our security is located in the London borough of Sutton. Bought off market for £700k, the property is a 3 bedroom house with additional accommodation in an annexe to the rear. The property required some light repairs in order to make it ready for new tenants.
Our borrower is from a construction background and while not a full-time landlord, they had a demonstrable track record in managing buy-to-lets.
Short term bridging finance was ideal for our borrower. Having agreed on the property at good value, time was key. From acceptance of our credit backed terms, all due diligence and completion took 3 weeks.
Repayment is expected to be by way of refinance once the new tenancy has been established.
Our loan was 70% of the purchase price and value, at 0.499% pcm interest only for the full term.