THE CASE: We were introduced to a first-time landlord to raise a second charge loan against their main residence for a deposit on a BTL purchase at auction.
THE CHALLENGE: Probate had been granted and the property was now being sold at auction and needed to complete quickly.
THE OUTCOME: We were able to arrange both the second charge and bridging loan whilst still meeting the deadline.
Property Value: £605,000 combined
Loan Amount: £299,500 gross
Charge: 1st & 2nd
LTV: 68% gross
Term: 12 months
Product: Bridging loan