Purchase Renovation Loan

Acquisition of renovation loan

Bridge scenarios - BuildLoan Wright, a direct authorized broker, phoned on account of his pensioned customer, Mr. Alexander. The customer wanted to reduce the size and had seen a real estate he wanted to buy immediately, but did not have the money until he had bought his present house. His present ownership was worth 500,000 and he had an open mortgages of 15,000 pounds.

With the help of both objects, BuildLoan was able to help the customer obtain an interim loan. The first fee was levied on the home he bought and the second on his land. As a result, the customer was able to obtain his present loan at a low interest rat. When selling his present real estate, the present mortgages and the short-term loan would be paid back.

£260,000 was borrowed from both real estate companies. So he could move into his perfect home and then he could move in and resell his current home to clear up the short-term loan and any pending overdraft. Whereas the credit period was up to 12 month, the loan is paid back within 6 month and 5 workdays.

Customer repaid the amount loaned plus processing charge and 6 month and 5 day interest. Philip Taylor Broker phoned us because his customer Mr. Jones wanted to buy a real estate to carry out renovation and rentals. Mister Jones had made a purchase in order to grant a hypothec for the purchase of the real estate.

Works were necessary as the creditor had considered it in its present state inhospitable. Value of the refurbished building was £500,000. Then we financed the renovation in three steps. It came with a 2% handling charge, an interest of 0.54% per annum and without exits charges.

Customer was able to go through the court proceedings, he got the money within 3 week for the purchase of the real estate. The house was completely renovated and the brokers then funded their clients on a purchase to rent the mortgages on the basis of the value of the assets.

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