Fast Finance for a property auction purchase
Roma Finance received an introduction from Michael Gallagher of Y3S Loans for a customer who had just bought a 2-bed terrace property in Cardiff at auction and needed funds quickly to complete the sale within the required timescale.
The customer had already paid a 10% deposit on a sale price of £170k but estimated that after refurbishment it would be valued at £220k. They were using their own funds for the refurbishment which was mainly cosmetic such as stripping walls, decorating and laying new carpets.
Despite the enquiry coming in just before the Christmas holidays, Roma were able to quickly provide an Agreement in Principle and progress the finance within the 28 day deadline the auction house required. After meeting the customer, Roma were able to provide a bridging loan of £127,500 over a 6 months term.
To exit the bridge at the end of the term the customer planned to sell the property. Due to the light refurbishment need and demand for properties in the area they were confident they could get the property ready to sell quickly for a profit.
Michael Gallagher of Y3S Loans said: ‘’Great service on the case. Terms were agreed within hours which allowed the client to complete on purchase at auction within the 28 days, even taking the Christmas break into account.’’
George Tuffin, Bridging Specialist at Roma Finance, commented: “It was a pleasure working on this case with Y3S Loans and an experienced customer. Roma Finance has vast experience in providing finance for auction purchases. Even though the property had already been bought and the clock was ticking, we were able to move quickly. We were delighted to provide finance on this case and to work with a customer who had a clear objective to refurbish and sell to make a profit within a 6 month time frame.”