Our clients were retired small portfolio landlords with 5 properties, looking to purchase a new buy to let at auction as it backed onto one of their existing BTLs and therefore, they had the inside scoop on the area and rental demand. Molly Smith, the go-to adviser for all things bridging finance, took on the case.
The clients had a total of 28 days to complete and the clients confirmed their finance requirement after the exchange of contracts, which meant that they had no formal lender agreement or valuation done however they had already paid their 10% deposit which was now non-refundable. By the time the client was prepared for their initial application to be submitted, there were only 3 weeks left until the completion deadline.
Unfortunately, to add to the time constraints, their AVM (automated valuation model) was rejected and so a full valuation had to be done. An Automated valuation model uses advanced analytics, such as machine-learning models, to analyze many different data points for a given property. This is used to predict a property’s current or future value and is the go-to for bridging cases where time is of the essence, as it provides an instantaneous report.
With Molly on the case, the valuation was requested on a Friday evening and miraculously returned to the lender by the Monday afternoon, having been carried out at 8:30 am that morning – talk about a quick response! It was then down to the underwriting team and solicitors to try and pull this one out of the bag. It was completed within 9 working days! The Coreco Commercial team doesn’t mess around and with Molly’s persistence and Masthaven’s expertise and brilliant solicitor relationships, the completion met its deadline exactly 3 weeks from the application submission.
Whether you’re an experienced Buy-to-Let investor or a professional landlord with a large property portfolio, you’ll want to ensure your property finance is constructed as efficiently and cost-effectively as possible. Chat to us today or call 0207 220 5100.
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