We recently helped our client purchase a £404,000 HMO at auction. Auction rules stated that the funds had to be available within 28 days, so we needed to act quickly.
We arranged a bridging loan to cover the additional £254,000 the client needed to purchase the property. Once the sale had gone through, the client could then re-finance onto a BTL mortgage.
As time was of the essence, the lender we used provided a dual representation solicitor which sped up the process.
The bridge completed within 20 days and the client now has a fantastic new HMO in their portfolio.
