Gross Loan Amount:
£250,000
Property Value:
£360,000
LTV:
70%
Initial Circumstance
Client required funds fast for the acquisition of a Buy To Let property. They had paid a deposit, were struggling to find suitable finance within the time constraints and there was a risk of losing the property to higher bidders.
MFS Solution
To avoid losing the property, MFS selected the valuer with the earliest availability. With the additional support of our solicitors, we were able to meet the deadline and make sure the client did not lose their deposit. The exit strategy was through long term refinancing once the property was acquired.
The Benefits
Client was pleased as had acquired a magnificent property at a very competitive price. Thanks to our fast bridging loans, they didn’t lose their deposit and were left with zero risk of penalty costs.
Further reading:
- Featured Product: Auction Bridging Loan
- Explainer Video: Auction Bridging Loans
- Tool: Auction Finance Calculator
- Guide: A Guide to Property Auctions
- Blog: The benefits of buy-to-let and is BTL still worth it?
- Blog: 17 Questions buy-to-let landlords should ask themselves as rental demand rises
