Funds for an Auction Purchase with an 8 Day Deadline

Our client had the opportunity to purchase a terraced house in need of refurbishment in Aylesbury, Buckinghamshire for £37,000 below market value but on the strict condition that the purchase was completed quickly, giving Lowry Capital just 8 working days to complete the bridging finance transaction from application to completion. The purchase price was £153,000 and the surveyor advised that by spending £15,000 on refurbishment, the property would be worth £250,000. This provided a net profit to the client of £67,000 after deducting the refurbishment, finance and legal costs.