Fast Auction Purchase with refurbishment funds & Capital Raise in Doncaster
When our borrower secured a three-bedroom semi-detached house at auction in Doncaster, they knew speed and agility were critical. The property required a comprehensive refurbishment to unlock its true value. Having successfully completed four previous renovation projects—retaining two for rental income and flipping the other two—the borrower possessed the firsthand experience needed to transform this asset. They turned to Seneca Bridging to turn their plans into reality.
The Challenge: Moving at Auction Pace
Auction contracts strictly require completion within a strict deadline leaving no room for traditional, slow banking processes. The project demanded a dynamic lender willing to back a major refurbishment without the costly delays of appointing a monitoring Quantity Surveyor. The borrower required a gross loan of £175,000, structured to provide £117,000 towards the property purchase, alongside a £18,000 capital raise released immediately upon completion to boost cash flow and a £40,000 refurbishment facility.
The Seneca Solution: Speed, Flexibility, and Trust
Backed by our 20 years of specialist lending excellence, Seneca’s experienced decision-makers structured a tailored 12-month unregulated bridging loan.
To bypass time-consuming bottlenecks, ensure maximum efficiency, and save the client substantial costs, our team implemented a strategic, flexible approach:
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- Desktop Valuations: We utilised desktop valuations on both the newly purchased property (1st charge security) and the borrower’s personal residence (equitable charge) to eliminate physical survey wait times.
- No QS Required: Relying on the borrower’s strong track record in regional renovations, we waived the requirement for a QS, accelerating the funding timeline.
- Expert Collaboration: Our Business Development Manager, Adam Bluma, worked hand-in-hand with broker Jack Marshall from JHM Consultancy and our panel solicitors at Forbes to drive the deal over the finish line.
The Result: Deal Done in 4 Weeks
From initial credit approval to funds landing in the bank, Seneca delivered the entire facility in just 4 weeks. This marked another incredibly fast completion for our team, comfortably beating the rigid auction deadlines.