bridging loans for ex council house

Fast finance on ex-council purchase

17 / 01 / 22

Location: Yew Tree Road, Merseyside

Date: May 2021

Property Type: Semi-Detached House, Ex-Council

Auction Finance Value: £103,500

Overview

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.

Service

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.

Impact

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. 

Learn more about our auction finance and bridging loan products by clicking the appropriate links for you.




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