Location: Ripley, Derbyshire
Date: June 2022
Property type: mid-terrace house
Loan size: £92,500
Our borrowers were looking to complete an auction purchase and were seeking the highest LTV possible so they could retain cash for the renovation. They approached Velocity Bridging and we offered a gross loan that represented 90% of the auction purchase price.
We also completed within the tight auction timeframe.
Numerous issues faced us in this case, namely an incorrect title plan and a delayed registration at Land Registry, but we were able to work through these problems with our borrower’s help and are delighted to assist them with their first-ever investment property purchase.