Investment property
purchase.

Funds needed to complete on purchase of a property from modern auction.

Loan Amount

£850k

structure

Bridging Finance

asset class

Residential investment & artwork

This client had purchased a property at modern auction and committed a significant, 6 figure deposit which they stood to lose as the funds for this were coming from the sale of another BTL property, where the mortgage provider would not provide consent for a second charge mortgage. Therefore, a bridge was needed to rescue the deposit, and keep the purchase together.

A bridge was set up with a 1st charge on the purchase, and a unilateral notice on the BTL which was to be sold.

Regrettably, this was still not sufficient. Sirius asked for an asset & liabilities statement from the borrower, and noticed the client owned a piece of art which had a significant value. To allow the borrower to complete, Sirius arranged a separate asset loan against the work of art that allowed the borrower to raise sufficient funds for the deposit and stamp duty, and in turn prevent them losing any funds they had already committed.

The loans would be repaid via the sale of the BTL and a refinance of the new purchase once it was tenanted, with an AST which would remove the concern of the holiday let.

Advisor

Rob Heywood Robert Heywood Senior Associate, Structured Finance contact details 0208 092 4410
07984 717 731
robert.heywood@siriusfinance.co.uk

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