The loan was delivered by the bridging lender in just three days after the original lender pulled out of the deal because one of the flats was in an unlettable condition.
Funding 365 arranged for a valuer to be on site the day after application and completed the deal with only a verbal valuation figure confirmed.
The client aims to fully refurbish the flats and resolve a planning issue before refinancing via a BTL mortgage.
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“We pride ourselves on being able to turn around loan applications in rapid time — no matter how complicated the securities or unusual the circumstances,” said Calum Waite, senior underwriter at Funding 365 (pictured above).
Nerpal Singh, commercial relationship manager at Mantra Capital, added: "…Due to our experience, knowledge of the market and close working relationship with Funding 365, coupled with [its] pragmatic approach, we were able to find an acceptable solution for our client.”