We had been following this house for some time to put it to the right client. The property was on the market for over 18 months, with several price reductions.
This then represented just over £2,310 per sq.ft which is comparative to the vicinity and the market, and so started to look like a good deal. Despite our bidding and presence of another party bidding, we were able to agree terms for our client and arranged attractive debt terms at 70% loan-to-value.
Just two days prior to completion, we had an offer from the under bidder to walk away from the property with a profit of £2m. This is when we were assured that we bought the right product at the right price in the current market environment, and did not accept the offer.
