Purchasing at auction

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03 Purchasing At Auction 380X380

We provided a £450,000 loan facility to assist with the purchase at auction of a property in Brixton. The property was purchased for a consideration of £692,000 and consisted of a four storey Victorian house arranged as four flats, albeit without a formal planning consent. The borrower obtained a certificate of lawfulness for the current use of the property, completed a scheme of refurbishment at their own costs of approximately £100,000 and subsequently sold the flats individually generating sales in excess of £1,150,000. Our loan facility was repaid within 9 months.

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When buying at auction, it’s essential that you have ready funds to move quickly. CA were the perfect partner for us in this auction purchase and made funds available well within the agreed timeframe for completion.

Auction Buyer
Brixton, London
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