Case
study: St Leonards-on-Sea (12 days
from enquiry to loan)
The project completed: January 2020
The Client:
Experienced developers,
with a number of successful buy-to-let developments to their name, were
seeking fast access to fund an auction
purchase.
The Property:
Situated in the popular location
of St Leonard-on-Sea near Hastings,
the three bedroom property was to be sold
at auction and the developer
planned a light refurbishment.
The Challenge:
The borrower was looking to
purchase the property and was prepared to offer a 1st and 2nd charge against
two of their existing buy-to-let developments as security for the purchase loan. Funds
for the property’s refurbishment were being provided by a third party. The exit
of the loan was to be a refinance on the completion of the works.
The Solution:
Given the client’s excellent
track record and a sound schedule of works,
Mint Bridging were able to offer
the funds for the purchase. We
provided a £154,250 bridging loan over a 6 month term to secure the auction
purchase. The
third party investor was required to enter into a deed of subordination for
their refurbishment loan.
The Outcome:
The purchase completed on time
and subsequently the works were finished ahead of schedule. The
property has just been listed to let.
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