property in Berwick Upon Tweed Northumberland sold by auction

Property type: Three bed ground floor flat, Berwick-Upon-Tweed Northumberland

Reason for sale at Auction: Financial problems

Seller: Property investor ran into financial cash flow issues

Guide price: £60,000

Sold price: £75,000

History of Berwick-Upon-Tweed Flat Auctioned

An experienced property investor had bought the flat to renovate and remortgage when completed before then letting the property out.

However, once the works had been completed the investor could not find a lender who would be willing to mortgage the flat as there was no planning permission for the conversion from a house into flats.

The investor needed the funds out to pay interest payments on other loans so needed a quick sale to improve their cash flow.

rescued the investor with a 14 day auction completion.

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