Its true, our lender can do up to 100% funding on below market value purchases!
Read how our client used this product for his development:
We were introduced to the client through our broker network. The introducer knew that we’d know exactly which lender to use for his clients requirements. The client is an experienced property investor and came across a portfolio of 24 properties for sale. The properties were in a receivership and the client negotiated with the LPA Reciever for the purchase of the portfolio, which were all in the North East. The negotiated purchase price was £700k and the client expected the value to be in excess of £900k. We obtained terms from one of our panel lenders for a gross loan of 65% of the Market Value. The client was happy with the competitive interest rate and we instructed the valuation. All 24 properties were visited by the valuer and the valuation came in at £906k, meaning the client was buying at below maket value. Our lender agreed to advance a gross loan of £614,925 which is 67.9% LTMV and represented 87.8% of the purchase price. Legals were instructed and completion took place in October. Exit will be from the sale of some of the properties and refinancing of the others onto Buy To Let Mortgages.
If you have come across a situation like this and didn't think there was a lender who would lend up to 100% of the below market value then let us help.