In the fast moving world of short-term property finance, it’s not uncommon for lenders to struggle to fulfil the initial promises made to their clients. These deadlines can be at their narrowest when it comes to properties bought at auction and narrower still when the initial finance that a borrower has put in place with another lender falls through. So what happens if a client comes to us with just such a struggle on their hands?
Borrower: Experienced buy-to-let property investor
Loan size: £185,000
Product: Auction finance
Placing the winning bid on a property at auction back in December, our client, an experienced buy-to-let property investor, was required to complete on their purchase by the end of the following month. Having been let down by their initial lender on the deal, by the time we were approached, a notice period had been served and the borrower required completion within the week.
The borrower benefited from a fast-tracked service as well as 50% off the cost of valuation fees – both key features of our Auction Finance product (find out more). Within 24 hours of initial conversations with the borrower, the signed application was received, underwriting in place and solicitors instructed. The cost of the borrower’s valuation fees were halved and credit was approved and the loan completed just five working days after the initial enquiry was made.
As a new client to LendInvest, additional due diligence was required to progress the loan. This was also completed within the five day time frame.
To find out more about how Auction finance can benefit your clients, click here.