Seneca Bridging was approached by a broker seeking a client embarking on their next stage of portfolio growth. With experience from one previous buy-to-let (BTL) property, the client required quick capital to fund the deposit for a new rental acquisition and facilitate the completion of a long-term BTL mortgage.
Sophie, in our sales team engaged with the broker, ensuring a smooth and approachable underwriting process. After assessing the Director’s existing assets, we tailored a £100,000 bridging solution. This involved taking a Second Charge over the Director’s residential property.
To deliver on value for money, we used a desktop valuation which confirmed the property’s value. Further, the borrower opted for Seneca’s offer of Dual Representation via our panel solicitors, ensuring efficiency and value in the legal process.
The £100,000 facility was successfully completed, giving the client the funds needed to secure their new rental property. Their exit strategy is robust, relying primarily on re-financing their existing rental property, with the re-financing of their residential property serving as a dependable, pre-agreed backup. We wish this client every success with the new addition to their portfolio and hope to see them return to Seneca in the future.