Location: Moreton, Merseyside
Date: May 2021
Property Type: Semi-Detached House, Ex-Council
Auction Finance Value: £103,500
After purchasing a semi-detached ex-council property at auction, a borrower turned to Velocity Bridging for assistance in meeting the 28-day timeframe to complete the purchase.
We provided a gross loan of £103,500, representing 90% of the auction purchase price. This sits just above our minimum purchase price of £100,000. The loan was completed well within the 28-day auction timeframe, ensuring that there were no further issues for the borrower. This was a straightforward case for all involved.
The borrower renovated the property and sold it for a profit, repaying us in the process and walking away with the capital necessary to commit to their next deal.