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Date Year
17/11 2008
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Five NMD property deals - great discounts available
Five deals still available. Some have not had any response due to the fact they need work, while others are re-offered due to buyers pulling out or failing the lender's hurdles (DIP, credit check, etc).
For deals that need work - we can refer you to local tradesmen. Don't forget that these deals come with a greater discount AND the cost of the works will be much less than the improved value. For people able to do these deals, this is a double advantage. For example, a property that is worth 100k, could be offered at 30% BMV, ie, 70k. This is an extra 5% more than if it was sold in good condition. The refurb cost might be 8K including holding costs until let out, resulting in an eventual valuation closer to 120k. Looking at this closer, after works completed this could technically be a 35% BMV deal. So if you are able to, it could ultimately be more rewarding than a simple purchase of a ready-to-let property.
When guestimating refurb costs, I have erred on the side of caution and added 25% above what I think I could get it done for.
Latest best rates are:
BM Solutions, new fixed rate of 5.69% fixed until 01/02/2011 3% a/fee. 125% rent stress - max 75% LTV
85% available, only to fulltime employed with strong income and minimal property portfolio. Strong evidence will be required eg, 6-12 mth bank statements, payslips, etc.
See HERE for ideas about financing properties.
Here are the deals, click to get full info, all Liverpool areas unless stated. I have adjusted the figs here, but bear in mind the % increase when looking at the link.
Wavertree, L15 - now 28% BMV
- Your Price - £68,400
- MV - £95,000
- Cashback @ 75% LTV = £2,850
- Value £115,000 - £125,000 upon completion of refurb (7k-8k)
- Student area, all private rental Victorian props nearby
West Derby, L12 - now 30% BMV
- Your Price - £59,500
- MV - £85,000
- Cashback @ 75% LTV = £4,250
- Value £95,000 - £100,000 ish upon completion of refurb (7k-10k)
- Strong family rental area, will get working tenant easily
- Your Price - £81,650
- MV - £115,000
- Cashback @ 75% LTV = £4,600
- Value £125,000 + upon completion of refurb (8k)
- 4 bed, very popular area for investment, great potential
Norris Green, L11 - now 28% BMV
- Your Price - £64,800
- MV - £90,000
- Cashback @ 75% LTV = £2,700
- Value £95,000 + upon completion of refurb (2k-3k)
- Minimal work needed
Three new deals also available, will send details tomorrow. |
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