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Investment Opportunity

Greg MacD

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To try and cut a long story short I bought a property at an Andrews and Robertson

auction for £174,000, putting down a deposit of £17,400. It is a 3-bed end of terrace house

located in South Norwood London, SE25 4LZ. Its on a quiet road, beside South Norwood Country Park,

with great transport links (South Norwood Station is 12 mins from London Bridge). It's got a 3 meter space

at the side on which an extension could be built. I didn't forsee and problems

getting a mortgage as I have savings of £55,000+. However, my credit report came up

blank so I could only get a residential mortgage, and not a buy to let. The bank

valuation was largely favourable but with time running out I was declined for the mortgage

because the property doesn't have a kitchen or bathroom (I planned to install a new kitchen

and bathroom, along with other work as needed - I'm a builder - and rent out the property, and sell in

a few years). As things stand I will lose the deposit plus other penalties if I don't come up with the

money. Therefore,I'm looking for someone to come up with the outstanding balance of approx £120,000,

with ownership and future profits to be split up accordingly. All details would obviously be taken

care of through solicitors. If anybody has access to this level of capital and is interested in this opportunity,

don't hesitate to contact me ASAP(completion is middle of 1st week of April):

Greg at 0788 403 4012, or through my solicitor Liz (Tanner Taylor at 01252 365 65).

Property Details: http://www.a-r.co.uk/past-auctions/lot-details?LotID=599110&au=15128&LotNumber=33&LotNumber=20110216

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Auction fever? I do understand auction house rules whereby the full purchase amount has to be paid within 28 days of the hammer falling but the question is where you aware of this and if so did you not have the framework of your buy to let mortgage in place before bidding?

Have you tried ALL buy to let mortgage companies? I am sure there must be one out there that would finance you especially as you are putting down a £55k deposit.

Good luck with your search for an individual to stomp up £120,000 but I do have a feeling as time is obviously running out for you...you will have a problem with that.


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