Client managed to secure purchase of a BTL property for £350K against market valuation of £500K.
An extended exchange period was also built into the transaction, allowing 6 week completion post-exchange plus physical access to undertake refurbishment of the property, with £50K of works further enhancing the value of the asset to £575K.
As all businesses continue to adapt and feel the effects of the global pandemic, financial solutions are available to support businesses of all shapes and sizes, including government initiatives such as CBILS or BBLS. New initiatives are now being offered to Developers through tailored schemes
Whilst there continue to be restrictions in place which vastly impact lending criteria and Banks’ ability to complete on both new and pipeline transactions, we continue to progress and drawdown on new facilities across all sectors.
Bridging Finance still available – Omega continue to work with Bridging lenders during the Covid-19 crisis and are still placing funding with them.
Speak to Omega about how you can access the Government guarantee scheme available to business customers with a short to mid-term funding need.
As a result of diminishing returns and changes in tax legislation, clients have expanded their search beyond standard BTL seeking greater returns on their capital, and essentially looking to make their money work harder.
We now have access to completely non-status unregulated residential bridging starting at just 7.8% per annum. That means no proof of income, no bank statements, and unlimited adverse credit, provided there is a sensible exit route for the bridge finance.
New funding line available from one of our long standing lending partners – heavy refurbishment of residential property, 75% of current value and 100% of the cost of works available in many cases.
We continue to see an increasing volume of clients expanding their investment portfolios to incorporate both Semi-Commercial and Commercial properties.
We’ve been able to assist many clients with little or no property experience in this or often any sector buying their first commercial investment asset
As the window closes on investors’ ability to offset interest against their residential portfolios, many are now taking the opportunity to incorporate their BTL portfolios, buy new properties within SPVs or even look at alternative property types as they expand their investment portfolio.
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