Property bought at auction

mikthe20

The auction catalogues are usually full of adverts from companies willing to finance purchases - have you tried any of those OP?

siy1083_2

Spoke to auction finance, they are only willing to lend less han i can already get, but thanks for your advice

Loopgames

Hi

You should be in ultrapanic mode right now - which should set your adrenlin racing to get the deal done. And you will do it!

Call every lender - fill out all the forms - do it now! You can get through a lot of lenders...Get a quick loan with a high rate if need be. Just do it! Now! Go on...now i said..NOWWWWW!

Come back and tell us what a close call it was and how lucky you got the property because it has been the best investment you have made yet.

ruggedtoast

You should probably start looking at bridging loans.

kingstreet

So what basis are you going to apply on and how much of the purchase price do you need?

I assume you've paid the minimum 10% deposit so far? How much more are you going to put down and how much will you be borrowing?

Is it mortgageable in its present condition? Any essential repairs or possibility of a retention?

kingstreet

ruggedtoast wrote: »

You should probably start looking at bridging loans.

I think you might be right. https://www.tiutaplc.com/index.php

GDB2222

I have £17k in the bank earning next to no interest, and I'm sure there are dozens of other MSE'ers in the same position. However, I'm not at all clear what deal you are offering? You want to develop this property into a single family home, and then what? Live in it or sell it? Are you offering a slice of the action?

Otherwise, there must be a dozens of companies that will provide bridging finance at a good price (to them). You must be aware of that, so why are you asking here? That's what I don't understand.

Bigmoney2

I think OP is asking for names of specific lenders that may be able to lend to him.
He's seems pretty aware of his situation and the implications of not being able to complete on time.

geoffky

There are plenty of private investors out there but you will have to give a slice of the cake away.

can i ask what the silly price you paid was?

siy1083_2

Hi all, thank you for your constructive advice, i have spoken to a few bridging loan companies, all of which do not recognise that the value is above what i paid at auction, therefor the valuation i have had done makes no difference as there arguement is, the auction price is its true price, and are not taking into account that the property did not go to a local auction and nor was it marketed in the right way.

I am more than willing to offer a very attractive percentage to anyone willing to help, my problem is this, i dont know many money people, and given that times have become increasingly hard over the last few years, most common people who i know have money in the bank regretably have it there as they are unwilling to take risks persay.

The purchase price was £95,000.00, total completion price including fees etc £97,032.27. the usual deposits etc have been paid, i have been offered 65% of the purchase price, by a lender on a 1.4% PER MONTH deal.

The property is mortagable, but is split commercial and residential, planning has been spoken to, to have a change of use or develop, and the response was favourable to anything that is residential.

A builder i know says he would demolish and rebuild 7 new homes on it, making the site have a end value of circa 800,000.00

I would be willing to discuss any deals that anyone wishes to put forward, please PM me with details.

tahnks again for all advice