Location: Knapwell, Cambridgeshire
Date: June 2021
Property Type: Grade II listed cottage
Auction Finance Value: £278,000
Overview
After purchasing a stunning grade II listed property at Savills, a borrower turned to Velocity Bridging for assistance in providing the finance needed to complete the purchase.
Service
We provided a gross loan of £278,000, representing 90% of the auction purchase price. This sits in the middle range of auction finance that we are able to provide, with our minimum set at £100,000 and maximum at £500,000.
There are a number of strict rules and regulations surrounding listed buildings, therefore we had to ensure that the borrower’s proposed renovation works were all above board. The previous property owner had constructed an extension to the rear of the property, and we had to make sure that this had been done in line with the relevant guidance. Despite the complexities, we were able to complete the case within the 28-day auction timeframe.
Impact
The borrower undertook a respectful renovation of the property, ensuring its character wasn’t lost in the project. The auction price worked out to be a significant bargain and the subsequent uplift in value when it came to exiting us was substantial. The property was refinanced onto a BTL product and added to the borrower’s rental portfolio.
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