Funding 365 and Mantra Capital save auction purchase in three days
Last week Funding 365 completed on a bridging loan brokered by Mantra Capital in just 3 days, to rescue a client’s auction purchase of 3 flats in East London.
Funding 365 stepped in to deliver the £270,000 to a tight deadline after the original lender pulled out at the last minute due to one of the flats being in an unlettable condition.
As timing was critical, Funding 365 arranged for a valuer to be on site the day after application and completed the deal with only a verbal valuation figure confirmed.
Post-purchase the client plans to fully refurbish the flats and resolve a planning issue before refinancing on to a buy to let mortgage.
Funding 365 Senior Underwriter, Calum Waite, pictured, comments:
“We pride ourselves on being able to turn around loan applications in rapid time – no matter how complicated the securities or unusual the circumstances. However, we can’t do this alone – thanks to our legal and valuation partners, and of course Mantra Capital for their assistance in progressing the loan to completion with time to spare.”
Nerpal Singh, Commercial Relationship Manager at Mantra Capital comments:
“We were under considerable pressure when the original lender pulled out of the transaction and left the client in a difficult situation. However, due to our experience, knowledge of the market and close working relationship with Funding 365, coupled with their pragmatic approach, we were able to find an acceptable solution for our client. Thanks to everyone involved.”