BFS has supported yet another Scottish client, providing a short term bridging loan of £70,000.
The client was keen to kickstart a buy to let portfolio with his first purchase, a terrace property in West Calder, bought at auction.
Auction rules require full payment within 28 days of the purchase and where funds aren’t immediately available, as was the case here, bridging finance is often a sound alternative.
Whilst the property was slightly down valued, the BFS team were able to work with the client and overcome this issue, providing the loan within the given timeframe and securing the property.
Andy Greenhalgh of BFS commented: “We’ve really started to gather some strong momentum in Scotland and are being presented with a broad cross section of deals. This was a straight forward case and one which we were pleased to support, ultimately enabling the client to kick start his buy to let journey.
“We have undoubtedly found our footing in Scotland and are pleased to be working with like-minded professional partners with a shared ethos and vision. Scotland is a key area for BFS and one in which we aim to expand further, providing our Scottish clients with a fast and reliable service.”
