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Going, going, gone

At auction, Mr G purchased a property comprising a shop let to a well established licensed turf accountant with a flat above.

The rental income from the shop would easily support a Buy to Let mortgage, but with completion due in the statutory 28 days, Mr G did not have sufficient time to negotiate and draw down a mortgage. We were approached for a bridging loan to complete the purchase and provide Mr G with the time he required to investigate and arrange the Buy to Let finance to repay the bridging loan.

Funding: £86,000
Loan to value: 39%

Darego Capital Bank subscribes to the Banking Code and the Business Banking Code.

We are also a member of the Financial Services Compensation Scheme (FSCS) and are covered by the Financial Ombudsman Service.