Buying a property at auction can be both exciting and a fantastic opportunity financially, but it can also come with challenges. So, having a lender who acts quickly and with flexibility when faced with obstacles is key.
"Efficiency and professionalism ensured a smooth and timely completion - in just 5 weeks!"
How we helped
When Yoel Rosenthal, Director of MRI Woolwich, needed to complete his auction purchase in 6 weeks, Mark Setchell, Senior Relationship Director at YBS Commercial Mortgages, took on the challenge and got the deal over the line in just 5 weeks!
The property was a commercial unit with 2 ground floor shops and 4 self-contained flats on the upper floors. To save time Mark requested valuations upfront, and the valuation and solicitors were both instructed on the date the application was received. The intricate nature of the deal required a real team effort from everyone involved, especially as its complexity meant a great deal of due diligence was required during the application process.
The broker’s view
The broker, Eugen Grosz, from Starglow Finance was delighted we were able to help his client with this time-sensitive case;
“We were delighted to introduce our client to YBS Commercial Mortgages for this time-sensitive transaction. Thanks to the efficiency and expertise of the team, a smooth and successful completion was achieved. We look forward to working together on future opportunities."
The Clients’ view
The client, Yoel Rosenthal, Director of MRI Woolwich, was able to get the lending they needed quickly;
“I want to express our appreciation for the support from YBS Commercial Mortgages in delivering the funding we needed within our tight auction deadline. Their efficiency and professionalism ensured a smooth and timely completion, helping us to achieve our borrowing ambitions.”
The deal
Loan amount: £840,000
Completed in 5 weeks
Semi-Commercial
Loan term: 25 years
5-year fixed, interest only before reverting to 20 years capital & interest
Loan to value 70%
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