The problem
The buyer had committed at auction with a twenty-eight day completion and no funding in place. Their bank had begun a commercial mortgage application, but the timetable for that was measured in months rather than weeks.
The property was vacant and needed work before any term lender would consider it, which ruled out the direct route regardless of timing.
What we did
The case was placed with a lender comfortable with vacant commercial security and a refurbishment plan, on the basis of a documented exit rather than trading income.
The exit was the point of scrutiny: the same broker confirmed in advance that the borrower would qualify for the term facility once the works were complete, so the second half of the plan was not left to hope.
How it ended
Funds drew nineteen days after the auction, comfortably inside the deadline and the deposit was not at risk.
The refurbishment completed on schedule and the facility was redeemed by a commercial mortgage seven months in, two months ahead of the term.
Anonymised and illustrative. This describes the kind of case we arrange rather than the affairs of any identifiable client, and the figures are indicative. It is not advice and not a guarantee of what a lender would offer you.
