The funder stepped in at the last minute after another lender pulled out because one of the properties was not in good enough condition for letting.
Funding 365 arranged for a valuer to arrive at the site the day after the application and completed the deal based on a verbal valuation being confirmed.
The client’s plan is to refurbish the flats and resolve a planning issue and then to refinance as a buy to let.
“We’re proud of our ability to rapidly turn around loan applications, no matter how complicated the securities or unusual the circumstances may be,” said Calum Waite, Funding 365 senior underwriter (pictured).
“We can’t do it alone, and thank our legal and valuation partners and Mantra Capital for their part in bringing to loan to completion with time to spare,” Waite added.
Nerpal Singh, Mantra Capital commercial relationship manager, said: “We were put under considerable pressure when the original lender pulled out leaving the client in a difficult situation. Our experience and market knowledge, coupled with Funding 365’s pragmatism, resulted in an acceptable solution.”