Urgent BMV purchase for portfolio expansion, B13
Client circumstances:
Our client, a portfolio landlord found a great investment for a below-market value purchase of a standard residential property and needed to raise Ā£260,000 to complete the purchase. Keen not to miss out on this opportunity to expand their portfolio, they urgently required a short-term fix. In need of a lender that could guarantee speed and ease, they reached out to us after they had approached another lender who couldnā€™t meet up with their timeline.
MT Finance solution:
To speed up the process, we instructed an AVM on the same day we received the initial inquiry after confirming the application met our criteria for one. The valuation from the AVM was received within seconds and the case was handed over to our underwriting team on the same day. The team carried out all the necessary legal checks and four days after, we issued a bridging loan of Ā£260,000 at 55% LTV of the propertyā€™s OMV of Ā£475,000.00. The loan term was set for 12 months.
The benefits:
As a result of our ability to move at pace, we managed to provide the client with the urgent funds they needed to complete their capital only four days after we received their initial enquiry. The client can now go ahead with the purchase of the property which they plan on renting out, thus expanding their portfolio. They plan to exit using a buy to let refinance of the security property. If this happens in less than 12 months, they wonā€™t have to worry about any early repayment charges or exit fees.
Find out more:
If you are considering an urgent property purchase, we can help. Our ability to move at speed ensures swift lending decisions, usually within hours of an enquiry. Funds can often be released in a matter of days. Drop us a line to find out more.
