At auction, Mr G purchased a property comprising a shop let to a well established licensed turf accountant with a flat above.
The rental income from the shop would easily support a Buy to Let mortgage, but with completion due in the statutory 28 days, Mr G did not have sufficient time to negotiate and draw down a mortgage. We were approached for a bridging loan to complete the purchase and provide Mr G with the time he required to investigate and arrange the Buy to Let finance to repay the bridging loan.
Funding: €86,000
Loan to value: 39%