Claire And Steve Get A Property At Auction
Claire and Steve found an ideal investment property at auction. They needed to raise 100% of the auction price plus some extra money to cover the cost of renovation. They would then sell the property and repay the bridging loan.
Although they had little available cash of their own, they were able to use the auction property and their existing property as security which gave them enough funds to buy, renovate and cover fees. We managed to get the bridging finance through well within the 28 days prescribed by the auction company and Steve and Claire had 6 months to do all the work before selling. At this time they repaid the bridging loan and made a tidy profit.