Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.
Landlord Finalises £550,000 London Auction Purchase in Three Days
A landlord has completed the purchase of a three-bedroom terraced property in south-west London for £550,000 at auction. The transaction was completed in three days using a bridging loan.
According to PropertyWire, the loan was provided by Precise, offering a 75% loan-to-value facility to meet the auction house's 28-day completion deadline. This rapid completion may be of interest to letting agents and inventory clerks working with clients seeking fast property transactions in the UK auction market.
Source: PropertyWire