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Date Year
01/12 2007
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Walton, Liverpool L9 - 5 bed renovated mid terrace - ref 040
PLEASE NOTE - this is now available again, the previous investor chosen to take it on failed to pass the lender's DIP (decision in principle). Now extremely urgent. I am also willing to negotiate the Finder's Fee (within reason).
Vendor in serious financial difficulties, recently had a stroke. 18% BMV
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Greetings!
Welcome to the new-look, simplified Done Deals Alert.
NEW
You can view previous Done Deal Alerts anytime by clicking onto our Archive Homepage. Please visit this site if you have recently joined our subscriber list.
Please see the last section for links to further information about this deal, and general terms and conditions.
If you wish to register your interest, or request further information, please email back. This does not commit you to proceed with the purchase.
Kind Regards
Arlo
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The Numbers
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by Article Author
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Basic Figures
Market Value: £ 195,000
Purchase Price: £ 160,000 but see below
Below Market Value By: 18%
Rentals *: £ 1,250 pcm (minimum estimate)
Finder's Fee: £ 4,750
(but see **** reduced FF offer)
Cashback ** at 90% / 85% LTV £ + 16,500 / £ + 6,750
Equity *** £ 29,250
Upfront Costs
Deal Fee: £ 100
Survey: £ 350
After Successful Valuation
1/2 the Finders Fee: £ 2,375
Search Fees (solicitor) £ 300
There may be other fees depending upon finance arrangements
Upon Completion
Broker (typically 1%)
Bridging Finance (if applicable, varies)
Any remaining Finders Fee (see above, varies)
Purchase Solicitor (typically £900 - £1,100 inc VAT + disbursements)
Vendor's Solicitor (normally a flat £500)
Notes
All mortgages are subject to survey and the purchasers own financial standing. Figures given are for illustrative purposes only.
* This is usually given as a conservative minimum, or if the property is already tenanted, what is currently being paid by the tenant.
** Cashback is a raw figure, not taking into account all the various deductions that are taken out upon completion - such as mortgage setup fees, broker/bridging/solicitors/finders fees, stamp duty where applicable, etc. If the number is given in blue, this mean the deal requires CASH IN at this LTV figure (plus associated costs as mentioned). Cashback is possible due to the unique methods of purchase we will teach you (we can get you a mortgage based on the open market value, and not the purchase price)
*** Please read above note. The figure assumes a standard 85% LTV mortgage and does not account for fees and charges added to the loan amount, which reduces the equity proportionately.
**** I am offering a one-off discount of 15% on the Finders Fee if paid in total upon successful valuation (which would cost ONLY £4,000 - a full 'money in' 16% BMV to you . The reason for this is to raise cash quickly for a refurb I am doing.
FINALLY - please remember we can provide you with a 'deal stacker' template (MS Excel - if you do not have Microsoft Office please contact me for an alternative). This spreadsheet will give you a much more comprehensive financial analysis, which also allows you to play with the variables involved, and allows you to compare and contrast different mortgage products.
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The Details
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 PROPERTY / AREA DESCRIPTION
The property is a large modernised and newly renovated 5 bedroomed Victorian mid terrace.
Externally: Small front yard, concreted, where you could park two cars. Plentiful on road parking nearby. At the back, a decked area and a small lawn - accessible through kitchen door and french doors from dining room.
Downstairs: large hallway leading to stairs, pantry, and lounge. Stairs to a two-chamber cellar area, a pantry/storage room, lounge, dining room leading into kitchen, kitchen leading into utility area and ground floor bathroom.
Upstairs: two more floors over split levels, comprising of five bedrooms and a large bathroom. All the bedrooms are 'doubles' except one.
The property has been renovated to a high standard. Mostly painted, fully rewired, DPCed, double-glazed (with fire escape windows), and integrated fire alarm/security system. The gas central heating system is new and powerful enough to accomdate a house of this size.
It has terrific potential as a virtually idiot-proof HMO (shared house). Strong local market for houseshare, from students, nurses and foreign immigrants. It could be a £500+ pcm cashflow positive investment with little work or extra expense except basic furnishings. It is not licensed as a HMO obviously as this was not the plan of the vendor.
WHY BELOW MARKET VALUE?
The vendor bought this as a 'property ladder' project. He had agreed to sell it to his sister for a certain price before buying it. She had five kids, a 'new partner', and wanted to remain in the area. He had not accounted for a large amount of the renovation costs, so his eventual price was only a marginal profit, as he went well over budget. In addition his sister had put a lot of pressure on him regarding the standard of the fixtures and fittings, kitchen, bathrooms etc.
His sister then announced that she was moving out of Merseyside due to pressure from her partner. the family have since fallen out. The real tragedy is that due to the financial problems this caused, the vendor is on short-term financing and it is costing a fortune per month. He tried for several months to sell on the open market, but due to the specialist nature of the house and his instistance on making a profit, it stuck. He became desperate and got quotes from myself and other 'cashbuyers'. He turned me down.
He recently suffered a stroke and from hospital instructed his sister to get in touch with me and take me up on my offer of £159,000. This offer represents his 'break-even' point. The situation is now quite urgent and they are desperate to sell - now for medical reasons as well as financial.
Please respond quickly, if interested, as this one will be taken by another local investor or end up being repossessed.
WHAT OTHER INFO IS AVAILABLE?
- Photos, full - can be sent by email
- Room dimensions / descriptions
- Deal Stacker with financial projections
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Finally
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Past and Current Deal Archive:
Archive
Updates on all our current deals: Deal Updates Page
Disclaimer:No part of
this email constitutes or forms part of a contract. White & Co is not
a licensed estate agency or licensed investment advisor. White & Co
is not authorised by the Financial Sevices Authority to give investment or
financial advice.
Terms & Conditions:
By replying to this email, or emailing back with the deal / lead reference number, you acknowledge and agree to the terms and conditions should you be chosen to purchase this lead and you then agree to proceed. Please note 'stating an interest' or requesting further information does not commit you to anything.
Terms and Conditions Page
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