Property Value: £420,000
Loan Amount: £110,000
LTV: 48% (including 1st charge)
Term: 2 years
Product: Bridging Loan
Client was looking to secure £110,000 against their main residence, as a second charge. Funds were to be used to purchase a new business.
Client needed to complete within one week or they would have lost the deposit paid to secure the business.
As the loan to value was very low, we were able to carry out an Automated Valuation Model (AVM) to save time. The documents were executed on the same day and funds were transferred to the client the following day.
This allowed the client to complete the purchase of the business within the required timeframe.
Another happy client! We wish him every success in his new business venture.