Clever Lending, the specialist finance packager and master broker, has recently secured an 85% loan to value (LTV) bridging facility worth £133,387 for a client who wanted to purchase a property at auction and then immediately renovate.
The client was looking to move quickly and needed a high LTV in order to purchase the property, add an extension and carry out extensive work to the property as soon as the sale had been finalised.
The client first approached Clever Lending outlining their request and seeking a financing solution. The specialist finance packager then used its market expertise and extensive lender relationships to secure a 12-month term refurbishment bridging funding solution with LendInvest at a rate of 0.99% per month.
The valuation on the property was completed just four days after the application was submitted with funding four weeks after submission, enabling the client to move quickly as requested and meet the extension deadline date of mid-May.
Nicola Ferguson, commercial and bridging specialist at Clever Lending, commented:
“This case was slightly unusual as the client needed a high LTV funding solution that would enable them to purchase the property at auction and build an extension.
“As not many lenders offer 85% LTV, I was confident that I could place the case with LendInvest as they have a reputation of being fast with auction purchases and would allow an extension to be built on this product.
“The result was a refurbishment bridging facility with an 85% LTV, with a swift turnaround time of four days for the valuation, which meant the client could move quickly on the purchase and the planned extension works.”
Michael Minnie, Senior Business Development Manager at LendInvest, said:
“This deal embodies everything we like at LendInvest; an ambitious borrower wanting to contribute to the UK’s housing stock with high quality housing, and an opportunity to show off with our speed of process and flexibility of criteria.
“Through managing the deal through our portal, our front end and back end technology was able to deliver the deal in quick time for the client, while our flexible product range was able to meet their High LTV requirements to get them the right deal.”