District & County Investments has provided a £390,000 bridging loan to fund the full purchase price of a below-market-value residential property.
The purchase price was 33% below the property’s independent valuation of £585,000, with security provided by the borrower’s ownership of a three-bedroom maisonette in Northwood, Middlesex.
The transaction completed three working days after solicitors were instructed, with Slater Heelis acting for DCI.
The borrower was an existing customer of the lender and was introduced by a longstanding broker partner.
Rahul Sharma (pictured), business development manager at District & County Investments, says: “This case is a strong example of where our 100% of purchase price product can make a real difference.
“The customer had the chance to acquire a conventional residential property at a significant discount to its independent Market Value, and we were able to fund the full £390,000 purchase price.
“Speed was also key. From solicitors being instructed to completion, the full legal process took just three days, with Slater Heelis acting on our behalf.
“That level of delivery requires everyone involved to work closely and with a clear focus on getting the deal done.
“It was also good to support a repeat customer introduced by a repeat broker. Both value our ability to fund below-market-value acquisitions, and this case shows how a clear proposition, sensible security and experienced parties can result in a very quick completion.”
