Property: Three investment properties
The clients, a chartered accountant who held a number of other investment properties and a builder who also had a portfolio of residential investment properties, bought three properties at auction and paid a deposit of 10% but only had 28 days to complete the purchase post auction.
Hope Capital’s solution
Hope Capital instructed a valuer immediately and engaged the respective solicitors engaged. Despite the purchase being made at auction, the properties were down valued and the valuer stipulated some essential repairs were required. The borrowers were able to raise the additional funds required to complete the purchase from their own resources.
Despite some complications, Hope Capital successfully completed the legal work and loan quickly and well within the timescales stipulated by the auction.