Issuing funding quickly for 2 probate property purchases facing tight deadlines

Loan Amount:
£575,000

Property Value:
£775,000

LTV:
75%

Property investors often turn to us when they’re in need of fast funding. This could be due to a chain falling through, a looming auction deadline, or a rare opportunity that won’t last for long. An example of the latter emerged recently, as in investor approached us for help with a probate sale.

The probate system is the legal process of managing a person’s estate once they die. Property usually makes up a large portion of a person’s estate and often, the parties involved will want to sell real estate on. Probate properties can show up in estate agent windows and while they can be lucrative for investors, they’ll need a lot of due diligence.

An investor, coming to us via a company, planned to invest in multiple probate properties at once. They needed access to funding quickly. The traditional mortgage process wouldn’t allow them to complete in time. With this in mind our underwriter worked quickly to get everything lined up and ready for action.

Sorting out complications asap

He had to address potential delays from the outset. During the initial background checks, a possible roadblock emerged in the form of an alert. To make sure the process wasn’t slowed down, we immediately jumped on the issue and confirmed that the identified issue wasn’t even related to our client.

Moving forward, we had to address the fact that the borrower was purchasing two probate properties at once, which could have complicated things further. To ensure the situation continued at pace, our underwriter organised to have both properties valued on the same day.

The client’s wider goals were also assessed quickly to get the deal over the line. We established the properties held a lot of rental potential and following the valuations and made sure the funding costs could be easily serviced. With these elements sorted, alongside a solid exit strategy, we got the funding issued with plenty of time, allowing the client to move ahead with the purchases.

Where speed is an issue, we’ll be able to keep up

There are several instances where property investment plans need funding quickly to progress. Common examples include auction purchases which need to be wrapped up in a few weeks, or where a sought-after development opens up in a prime location. No matter the context though, we’ll be able to help.

Our underwriters can have bridging loans issued in as little as three days. They’re also adept at working through any complication put in their way. We can work with foreign buyers with no UK footprint. We’re adept at overcoming adverse credit histories. We have no problem untangling the most complicated corporate setups.

No matter how complex a deal, we’ll bend over backwards to find a solution and support the investment. To fully understand how an underwriter can support your plans, why not read our blog which breaks down the process they typically follow.