Loan type: Bridging Loan | Amount: £144,200 | LTV: 65% | Term: 12 months
Unforeseen challenges can often disrupt even the most carefully planned transaction. Our latest case study involves a foreign national looking to secure a property purchased at auction. This case study serves as a testament to the proactive approach and extensive industry expertise of the Aria Finance team when navigating complex financial scenarios.
The Client:
The client, a foreign national, with indefinite leave to remain in the UK, possessed an unencumbered buy-to-let property in their personal name.
The Situation:
Having successfully bid on a property at auction intended for personal residence, the client encountered a pressing financial hurdle. Despite having a mortgage offer from a well-known high-street bank, the client required additional funds for the deposit. Complicating matters, their initial broker failed them at a critical juncture, jeopardising both the acquisition of the property and their deposit.
Recognising the urgency of the situation, the client turned to Aria Finance for assistance.
Our Solution:
With a 10-day extension granted by the auction house, swift action was imperative to secure the property. We identified a lender that was able to conduct an Automated Valuation Model (AVM) on the client's buy-to-let property (which was being used as security), therapy circumventing the need for a conventional valuation. This streamlined process enabled the lender to speed up their internal legal procedures, mitigating potential delays typically associated with a full valuation.
Benefits & Results:
Through our proactive intervention and strategic collaboration with the lender, we facilitated a rapid completion within four working days. By swiftly navigation through the challenges this case presented and using our well-established industry relationships we were able to deliver tangible results enabling the client to secure the auction purchase.
