Immediate Funding for the Purchase of a Country House - £180,000 Under Market Value
Our clients run a successful holiday and corporate lettings business in Dumfries, Scotland.
They had a great opportunity to purchase Terraughtie House. A large, historic country manor set in 45 acres of land. Following the refurbishment of the property, the house was to be used as a holiday let accommodating up to 21 guests at a time. As well as being a great addition to their portfolio, the house would provide an excellent level of income. The clients were getting a fantastic deal having agreed a purchase price of £426,000, with the property valued at £610,000. Gaining instant equity of over £180,000 upon completion.
However, the sale of their property in Castle Douglas fell through and the clients required funding urgently to complete on the purchase. Lowry Capital stepped in at short notice, taking a charge over both their existing property and the new one, providing capital for 78% of the purchase price. The clients secured the property and were overjoyed, as you can see from their comments below:
“Hi Richard, as you are probably aware by now, we settled our bridging loan with you yesterday. We would like to take this opportunity to thank you for your help in acquiring Terraughtie House, Dumfries. Without your quick funding we would have lost this property. We are very grateful and if you would like to use the house, and our names in your promotions, please feel free to do so. You are most welcome to call in again whenever you are in Dumfriesshire.”