Our client had sourced an apartment which had been repossessed.
It had been empty for 3 years and they were looking to complete the purchase as their first investment property.
The property was in the process of being refurbished and was 90% complete and due to go to auction with a guide price of £150,000. Our client made a ‘pre-auction’ offer of £100,000 which was accepted.
The client’s mother-in-law provided additional funds to complete the refurbishment of the property and the estimated end value was to be £160,000.
We lent £97,500 over a 12 month period to allow for any unforeseen circumstances and the client then managed to refinance the property via a buy to let mortgage based on £160,000 via his original broker.