£487,500 Bridging Loan Secures Auction Buy-to-Let Purchase

A broker approached us on behalf of their client, a limited company looking to purchase a buy to let property at auction to expand their investment portfolio. Having successfully secured the property in a bid, the client had just 20 days to complete the purchase, making speed a priority.

The property was a converted Victorian house, with the client purchasing the top-floor, split-level flat, one of two flats within the building. With a tight completion deadline, and a need to raise £487,500 for the purchase, bridging finance was the ideal solution. Our experienced underwriters reviewed the application within one working day of receiving the enquiry, allowing the case to be passed swiftly to our processing team. An Automated Valuation Model (AVM) was used in place of a full valuation, helping to speed the process up even more. The client also returned all documentation promptly, allowing the application to progress without unnecessary delays.

Working closely with the broker and lender, we arranged a £487,500 bridging loan at 75% LTV over a 12-month term. The transaction completed in just under a month, comfortably hitting the 20-day deadline and allowing the client to secure the auction purchase and continue growing their buy to let portfolio. The client now plans to carry out minor internal improvements to the property before refinancing onto a longer term buy to let mortgage as their exit strategy. The brokers was delighted with the level of service we provided and benefitted from a smooth efficient process from enquiry to completion.