Funds for an Urgent Auction Property Purchase
Our client had purchased an investment property at auction. After putting down a 10% deposit, the client discovered that the rest of the funds were due within 14 days. Lowry Capital was approached by the (very concerned) client on day 3 of the 14-day countdown. Due to the level of urgency, we instructed legals and a property survey within 1 hour of receiving the application.
Due to a streamlined legal and underwriting process and a highly motivated client, we were able to provide a loan of £426,400 (65%) against an OMV of £656,000 within 8 working days. The loan will be exited through a buy to let mortgage with a high street lender.
“This funding was all about speed. It was a great buying opportunity but the client, who had put a £42,000 deposit down, was in serious danger of being in breach of contract due and therefore losing the property and their deposit. Lowry Capital worked closely with the client, surveyors and solicitors to ensure the very tight deadline was met – resulting in a very satisfied client who had secured a great investment.”