WSP Capital has completed £490,000 of auction finance at 75% loan-to-value, closing the transaction four days after issuing its formal offer.
The borrower required replacement funding after its original lender withdrew shortly before the completion deadline. The rapid completion enabled the auction transaction to proceed despite the late change in financing.
The case underlines the execution risk attached to auction purchases, where buyers can face fixed deadlines and limited scope to replace a withdrawn funding commitment. In such situations, the speed of underwriting and legal completion can be as consequential as the headline lending terms.
Details of the transaction were reported by Property Wire.
