Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.
Hampshire Property Bought with 80% LTV Bridging Finance
A three-bedroom semi-detached house in Andover, Hampshire, has been purchased for £255,000 using bridging finance at 80% loan-to-value (LTV).
According to PropertyWire, the property investor acquired the house, which required substantial refurbishment work. The extent of the refurbishment meant that conventional buy-to-let mortgage financing was not available for this purchase.
This case highlights the use of bridging finance as an alternative funding option for properties needing significant renovation, which may be relevant for letting agents and inventory clerks dealing with similar investment scenarios.
Source: PropertyWire