Impact Specialist Finance and Together complete auction finance
Impact Specialist Finance and Together partnered in June to deliver a customer’s auction funding within seven days to beat the stamp duty deadline.
The client, who’d bought at auction, was looking to complete before the July increase in stamp duty rates.
The property, a three bedroom terrace in London, was purchased at a loan-to-value (LTV) of 60% with a loan of just over £240,000 on a 12 month term.
The property was to be refurbished before letting out and Together accepted an AVM which cost £21 instead of a full valuation, making the process much quicker.
Dale Jannels, managing director at Impact Specialist Finance, said: “Despite the pressure on my team and with most lenders leading up to the end of the stamp duty holiday, Together pulled out all the stops for this client and their flexibility to accept the AVM made a significant difference.”
Sally Precious Ward, business development manager at Together, added: “Teamwork really was the key and everyone involved performed to our usual high standards to get this across the line in time.”