The one-year term loan was agreed at 85% LTV, as the client needed to purchase the property, add an extension, and carry out extensive work as soon as the sale had been finalised.

The funding was arranged with LendInvest at a rate of 0.99% per month.

The valuation on the property was completed four days after the application was submitted, with funding provided four weeks after submission — enabling the client to move quickly as requested and meet the extension deadline date of mid-May.

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Nicola Ferguson, commercial and bridging specialist at Clever Lending (pictured above), commented: “This case was slightly unusual as the client needed a high LTV funding solution that would enable them to purchase the property at auction and build an extension.

“As not many lenders offer 85% LTV, I was confident that I could place the case with LendInvest as they have a reputation of being fast with auction purchases and would allow an extension to be built on this product.

“The result was a swift turnaround time for the valuation, which meant the client could move quickly on the purchase and the planned extension works.”

Michael Minnie, senior BDM at LendInvest, added: “[By] managing the deal through our portal, our front- and back-end technology was able to deliver the deal in quick time for the client, while our flexible product range was able to meet their high LTV requirements to get them the right deal.”