This was the case until he attempted to purchase a large commercial property in a city centre location. The building in question was an ex-bank, in fine condition and with a valuation of £750,000. Our client had arranged a private purchase at the price of £650,000 and was looking to his bank to provide the finance he needed to complete on the deal.
Two days before the completion date the bank informed the client that they would not advance his funds until some perceived issues with the lease for his proposed tenants had been resolved to their satisfaction. There was insufficient time to negotiate the requested adjustments to the lease before the completion date, so our client was in danger of losing his £65,000 deposit and having the deal fall through.
Thankfully, as a result of keeping in touch with our representatives he knew that we might well be in a position to help, and decided to give us a call. Two days later he completed on his purchase using funds provided by Auction Finance Limited.