Leeds, West Yorkshire — security property
A first-time BTL investor bought at Savills auction in Leeds, then watched their lender withdraw with the deposit on the line. AF Credit stepped in — AVM valuation, same-day terms, completion one day inside the deadline.
Leeds, West Yorkshire — security property
A first-time BTL investor faced losing their £5,400 deposit after their bridging lender withdrew 18 days into the 28-day completion window — leaving just 10 days to complete.
AF Credit moved immediately — assessing the case, instructing an AVM and appointing solicitors on day one. The client provided documentation and signed the facility. We coordinated everything else.
Completion achieved one working day before the deadline. Deposit protected. Property subsequently let at £725/month — an 11.7% gross yield — and refinanced onto a BTL mortgage within the loan term.
The client, a first-time buy-to-let investor, successfully purchased a one-bedroom flat at a Savills property auction for £54,000.
Finance had been arranged in advance through another bridging lender. However, 18 days into the 28-day completion period, that lender unexpectedly withdrew from the transaction, leaving just 10 days to complete.
With contracts already exchanged and a £5,400 deposit paid, the client faced losing both the deposit and the property if alternative funding could not be arranged quickly. The introducing broker approached AF Credit to secure an urgent auction bridging loan before the completion deadline expired.
How We Did It| Item | Detail |
|---|---|
| Purchase Price | £54,000 |
| Gross Loan | £40,500 |
| Loan-to-Value | 75% |
| Monthly Interest Rate | 1.25% |
| Loan Term | 8 Months |
| Valuation Method | AVM |
| Exit Strategy | Buy-to-Let Refinance |
| Net Advance to Client | £32,320 |
| Detail | |
|---|---|
| Property Type | One-Bedroom Flat |
| Location | Leeds |
| Tenure | Long Leasehold |
| Condition | Good Condition — Minor Cosmetic Improvements Required |
| Rental Income Achieved | £725 per month |
| Gross Yield | 11.7% |
AF Credit completed the bridging loan within 9 working days, enabling the client to complete one day before the auction deadline.
The deposit was protected, the property purchase was secured and the client was able to carry out minor cosmetic improvements before letting the property at £725 per month.
The investor subsequently refinanced onto a buy-to-let mortgage within the bridging loan term, delivering a successful outcome despite the original lender withdrawing late in the transaction.
Related ProductsSpeak to AF Credit before you bid. We'll confirm terms on your target lot so you can bid as a cash buyer — with certainty.
Get indicative terms todayDisclaimer: Case study details have been anonymised to protect client confidentiality. All lending is subject to underwriting and credit approval is not guaranteed. Any property used as security may be repossessed if you do not repay your loan within the agreed term. AF Credit acts solely as a lender and does not provide financial advice.