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Case Study - Auction Finance in 5.5 Days

Auction Finance in 5.5 Days

5-Star Award-Winning Mortgage Advice ⭑⭑⭑⭑⭑

Background

March 2021

Having secured a fantastic property at auction, our portfolio landlord client inquired to The Buy to Let Broker about the fastest ways to raise the £75,000 auction finance needed to expand their portfolio.

Facing the standard 21-day deadline when purchasing property at auction, the client needed to secure the funds quickly but was unsure which type of finance would be able to raise the funds in time, especially given the industry-wide delays due to the pandemic.

Duncan Winsland

Buy to Let & Bridging Specialist
Duncan Winsland Mortgage Broker

For fast auction finance advice, discuss all your options with Duncan today by calling 08009499410 or by sending him a quick email

The Challenge

As well as the time pressures, one minor complication was that the client currently had no regular income but owned several unencumbered Buy to Let properties in West London which could be utilised for funding. With all the challenges in mind and the rapid changing lender criteria, the client felt the need to seek out expert advice and being impressed with senior broker Duncan’s vast experience with auction finance, the client asked him to help.

Our Strategy

Highly experienced in dealing with all areas of property finance including auction purchases, Duncan, with the help of his dedicated case manager Nick, set out to find the fastest but also most cost-effective solution for the client. 

Starting each application with an initial phone call to discuss the client’s full portfolio and any cost-saving opportunities, Duncan identified that it would be possible to apply for bridging finance but to also raise the funds needed via a Buy to Let remortgage on one of the client’s existing Buy to Let properties. This meant that if the remortgage could be completed in time, it would save the client a considerable amount of money, with the safety net of the bridging loan as a backup. 

 As part of his advanced pre-application due diligence and using all of his senior industry contacts, Duncan started to reach out to the specialist lenders that would be able to offer both the Bridge and the Buy to Let remortgage. 

Having vast experience with specialist lender BM Solutions and with Duncan’s comprehensive communication, it quickly became clear that they would be the perfect lender for this application and that the finance could be raised via the more cost-effective remortgage in as little as one to two days if the client was happy to use O’Neill Patient solicitors, a law firm that we have worked with several times over the years and who we know to be pro-active and extremely helpful when dealing with urgent cases. 

After receiving the necessary documentation from the client, Duncan and Nick submitted the Buy to Let Remortgage application to BM Solutions, and thanks to their pre-emptive communication with the underwriting team, BM Solutions were able to do an automated underwrite and valuation so that the offer was received less than two days later.

The solicitors were instructed and the team were able to provide all of the necessary information to facilitate the completion, which took place just over a week after the application was submitted.

The Buy to Let Broker Auction Finance

The Results

Always putting the client’s needs at the forefront of all communication, Duncan and Nick’s advanced criteria knowledge, determination to deliver results and concise communication, not only saved the client time but also thousands in fees and higher interest rates. 

By providing not one but two solutions for the speed challenge that the client was facing, the team were able to provide the client with total confidence that the deadline would be met and the funds would be available. 

Thanks to Duncan and Nick, the client was able to secure the property well ahead of the deadline and is now looking for more opportunities to further expand their portfolio. 

Property Value£350,000
Loan Amount£75,000
LTV – 21.4%

Rate – Fixed
Term – 2 years
Mortgage – BM Solutions

When asked about the quality of service, the client said: I got a remortgage in record time with the help of Duncan & Nick. Great service and well recommended”.

Get The Right Property Finance With Expert Advice

The Buy to Let Broker Advisors Steve Rachel Adam

Feefo Platinum Trusted Service Winner 2020, 2021 & 2022 ⭑⭑⭑⭑⭑

To discuss all of your available options when it comes to auction finance, speak to one of our mortgage experts today on 08009499410. You can also request a callback by simply entering your details below.

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