Case Study – HMO auction purchase – Bridging loan and commercial mortgage
We were approached by a customer looking for a swift completion, having just been to an auction and successfully bidding on a HMO building at £750,000.
The customer had a strict 28 day deadline to complete on the purchase otherwise risked losing a 10% deposit.
Charleston Financial successfully raised a bridging loan at 1% per month with a 1% lending arrangement fee, at the same time we were able to get pre agreed, a commercial re-mortgage at 3.69% above BoE base rate for £500,000 to ensure that the customer could repay the bridging loan swiftly.
By providing the above financial solutions, our customer was able to complete the purchase transaction with the bridge, with the knowledge that a suitable commercial mortgage was in place to pay off the bridge once his solicitor had carried out the necessary conveyance.
In order to find out more about our bridging loan options and commercial mortgage, contact our new business team on 0800 612 3167 or submit your enquiry online.
