Seneca Bridging advanced £254,000 towards the acquisition of a farmhouse, barn and surrounding land in Rossendale, Lancashire.
The clients, who between them have a strong portfolio of investment properties, had agreed a quick sale with the vendor who was looking to downsize having owned it for over 40 years.
Keen to secure the deal, the clients were introduced to Seneca to fund the purchase quickly.
Despite several unresolved issues on the client’s credit file, the clients had successfully secured an offer from a long-term mortgage provider in order to repay Seneca’s facility at the end of the loan term.
This was set to be a smooth matter however a spanner was soon thrown in the works when the valuation came in £50,000 lower than expected shortly after Seneca issued their Decision in Principle.
With time being of the essence, Seneca worked with the clients in order to agree the best way forward which allowed us to swiftly complete the loan.
The clients are now working to obtain planning permission in order to achieve their future development plans.