Location: Ystalyfera, West Glamorgan
Date: October 2022
Property Type: Dilapidated detached house
Gross Loan: £81,375
Our client had secured the property at auction and was under pressure to complete. The building was in extremely poor condition, having been left to decay by its previous owners. The proposal was to complete a large and complex refurbishment with the property to then be advertised for sale on the open market.
As this was a heavy refurbishment project, our client wanted to preserve as much liquid cash as possible. They turned to Velocity Bridging to utilise our high leverage auction product and to take advantage of our keenness to allow borrowers to service interest monthly. This allowed the net loan towards the purchase to be as high as possible.
As we had determined that the client had secured a good price at auction we proceeded without instructing a formal valuation. This, combined with our speedy processes, meant the client saved both time and money, and completed well within the tight auction timeframe.
Our client has now added this fascinating property to her growing portfolio of properties which have been purchased in a poor state and then brought back to their former glory. Having seen examples of her previous work, we are sure she will make this unique property look incredible!