Apex Bridging provided funding in just four days as developer McCarthy & Stone needed to sell the property before the latter’s year-end.
The specialist lender covered 100% of the purchase price of the property, which was believed to have been valued at £280,000 at the point of initial terms.
As the valuer valued the property at its purchase price — instead of the market value — the specialist bridging lender was only able to provide £106,000 on day one.
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“Our client, an experienced property developer, was presented with an opportunity to purchase a three-bedroom detached house from McCarthy & Stone Retirement Lifestyles, which he immediately accepted,” said Emily Kate Smith, underwriter at Apex Bridging (pictured above).
“The investment was made more attractive due to being offered the property at roughly £100,000 below market value as McCarthy & Stone needed to sell this property before its year-end [on] 31st October 2019.
“Within an hour of receiving the enquiry, Apex was able to review the security and agreed to provide the full funding necessary.”