Impact Specialist Finance and Together teamed up in late June to deliver a customer’s auction funding within seven days to beat the June stamp duty deadline.
The client, who’d bought at auction, was looking to complete before the rise in July stamp duty rates. Perfect packaging, focussed solicitors and swift Together underwriting ensured seven days later the case was funded before the end of June.
The property, a 3 bedroom terrace in London was purchased at an LTV of 60% with a loan of just over £240k on a 12 month term. The property was to be refurbished before letting out and Together accepted an AVM which cost £21 instead of a full valuation, making the process much quicker.
Dale Jannels, Managing Director at Impact Specialist Finance, commented: “Despite the pressure on my team and with most lenders leading up to the end of the Stamp Duty holiday, Together pulled out all the stops for this client and their flexibility to accept the AVM made a significant difference.”
Sally Precious Ward, Business Development Manager at Together, said: “Teamwork really was the key and everyone involved performed to our usual high standards to get this across the line in time. At Together we’re focussed on being flexible where others wouldn’t and we are thrilled we delivered the funding for the client before the stamp duty deadline.”