Portfolio purchase of 21 properties rescued in less than 30 days

When this team of property investors was introduced to Ultimate Finance, they only had 30 days to secure the purchase of 21 residential properties in Greater Manchester. Regional Director Laurence Trevaskis explains how funding expertise and flexible processes were key to a successful completion.

When time matters, Ultimate Finance delivers

After the team was let down by another lender, who initially had said they could provide the funding, Ultimate Finance were asked to step in to help the property investors secure their purchase, but with only 30 days left to secure the funding, time was of the essence. Laurence says, “The investors were at a crossroads and, after seeing their agreed funding falling through late in the game, at risk of losing out on all the properties unless they could come up with the required £3.2m within just four weeks, with the Christmas period in the middle as an additional complexity”.

Ultimate Finance was approached their broker, Emma Burley from Express Mortgages, who had previously worked with Laurence and knew Ultimate Finance could not only secure the funding, but asl move quickly with their fast and flexible approach.

Laurence continues, “With the clock ticking, we had to optimise our approach to secure the valuations of all 21 properties in just a few days, and any delay in this part of the process would have made the whole deal impossible.  However, thanks to the immense amount of due diligence and information already gathered on the properties by Express Mortgages and the investors, we were able to proceed with desktop valuation to keep the deal on track”.

Bridging the gap, seizing the future

Ultimate Finance was able to complete on all valuations remotely and finalise legal and security requirements quickly to tailor the £3.2m Purchase Bridging Loan that provided the investors with the cash they needed to complete the transaction within the tight deadline. Emma says, “I knew from experience that Ultimate Finance would be able to take on challenge and deliver the funding solution, and once again they demonstrated just that. The amount of industry knowledge and flexibility they applied to this deal was absolutely key to help our client complete on the purchases, and we look forward to working with them again”.