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Acquisition of 49 residential BTL properties

residential properties
  • The prospect had been trying to source funding for the acquisition of 49 BTL properties from several lenders with security being offered as a first charge on all 49 properties
  • TFG were introduced by a broker, who had been working on the acquisition with the prospect, to fund 100% of the purchase price (due to a discount being offered for bulk purchase)
  • The prospect had the 49 properties valued on behalf of another lender for a total value of £2,659,500 and had already paid a £300,000 deposit towards the acquisition
  • The prospect was purchasing the properties from a receiver, who had been appointed over the 49 properties, for £2,500,000
  • TFG offered 2 facilities to the client, the first being at 66% LTV (against the purchase price) and the second being a mezzanine facility up to 75% LTV on a higher interest rate
  • The balance of the purchase price was made up by the outgoing lender, deferring some of the purchase price (secured via a 2nd charge behind us)
  • From introduction we completed on the deal within 10 working days

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