Hope Capital, with the help of LINK Capital UK, recently delivered the urgent funding needed to complete a challenging auction purchase for a client.
With there being a surge in premises being bought at auction in the UK at the moment, with many investors taking advantage of the current stamp duty holiday period, Hope Capital has helped a number of clients complete their auction purchases.
However, in this particular case, a leasehold property based in London proved to be very challenging, as when the valuation was completed a number of issues were identified including damp, structural defects and investigative works to the foundations.
The need for a knowledgeable bridging lender and broker was therefore required to ensure the client could secure the deal and beat the clock. Both parties worked extremely hard to support the client, to find a mutually agreeable resolution, which ensured the property could be purchased to meet the auction deadline and the necessary works could be completed post drawdown.
Gary Bailey, Managing Director at Hope Capital, said:
“This was a very complex case with a tight timescale, so the collaborative effort of Hope Capital and Theo Kemp from Link Capital was vital in achieving the desired outcome of the client.
“The client was extremely impressed with the quick, efficient and flexible service the Hope Capital team and Theo provided, so much so they have decided to work with us again on another project they have in the pipeline.
“While buying premises at auction is a very attractive prospect for many property investors, as it often allows them to take advantage of properties offered at below market value, it requires the buyer to provide capital extremely quickly. We have worked with many brokers and borrowers in the past to ensure they can meet the mandatory ’28-day’ auction deadline and are delighted we could help this client secure their deal.”
Theo Kemp, Managing Director at LINK Capital, added:
“The client was extremely impressed with how quickly and efficiently we could assess the project and provide funding. It was a pleasure working alongside Hope Capital, who were able to pull out all the stops and use their expertise to ensure we were well placed to provide the funding within the tight deadline and meet our client’s needs.
“This is a prime example of how working with the right lender, can deliver a solution, even when having to meet the tightest deadline. As always, I was delighted to work alongside Hope Capital and I look forward to working with the team again in the future. #HOPE&LINKCAPITAL2021.”
Hope Capital is renowned for being a highly flexible lender and is dedicated to providing superior service and support to brokers and their clients from initial enquiry stage through to completion.