Many of our Clients buy properties BMV (Below Market Value), from motivated sellers.
We understand that you negotiate substantial discounts on property, and wish to borrow as much as possible, based on the OMV (Open Market Value) .
This can work on both new-build and second hand properties.
Example
3 Bed Semi, OMV £150,000
BMV (purchase price) £125,000 for 28 day completion
Mortgage obtained 85% of OMV £127,500- giving £2,500 ‘Cash back’ towards purchasing costs, or re-furbishment.
We can use both ‘open’ or ‘closed’ bridging funds to purchase the property, then clear these with the mortgage. This avoids two sets of fees for both the purchase and re-mortgage, and lets you obtain cash straightaway.
We understand the time sensitivity of these types of deals, and will adhere to the stringent timescales.
Please contact us immediately when the vendor has accepted your offer, and we will apply for the finance immediately.
As Independent Financial Advisers, we also have specialist knowledge in dealing with ‘motivated sellers’ with particular regard to obtaining details of exactly how much they owe on their mortgage and other secured debts.
Jane Hughes, Managing Director provides mentoring tuition on these valuable skills- please contact us for details. |
