We were approached by an existing broker, whose client required a large bridging loan to purchase a property in London. The borrower had put in an offer to buy a commercial asset, an old warehouse, with the intent to convert the property into a mix use development. Compromising of over 200 residential units and more than 2000sqm commercial space, the result would be an incredible urban regeneration project.
The client had planning permission granted for the demolition of the warehouse and to develop two buildings. In addition, the project would include a new public park and parking for both cars and bicycles.
Our strong team of BDMs and underwriters working alongside the solicitors, conducting all the heavy lifting to remove the stress for the broker and client. With such a large loan requested, our underwriters take on the responsibility to review all the documentation and ensure everything was submitted in a timely manner.
Working with our trusted and reputable panel of valuers and solicitors, we were able to ensure that the property valuation report and all development permissions were in place. Knowing that in most cases that turn around time is key, having our panel allows us to get these requirements done extremely quickly.
The client’s exit strategy was to arrange Development Finance.
Where most would see difficulty and complexities in such a large loan, MFS looks for the solutions. We had a focus on getting this case across the line and to give the developer the opportunity to make this vision a reality.
Throughout the time of this case, we never changed our rate commitment to the customer. When we agree on a rate we stick to it.
Our access to several funding lines means that we are able to complete quickly no matter the loan size. This was an enormous benefit for the borrower as this project was his first development in the capital of this magnitude and he was able to secure it seamlessly. He was able to then focus on his ambitious regenerative development in a prime area of London.
- Featured Product: Large Bridging Loans
- Explainer Video: Large Bridging Loans
- Tool: Bridging Loan Calculator
- Report: The post-pandemic outlook of the UK commercial property market
- Blog: What are the changes to planning permission? What you need to know
- Blog: How to convert commercial property to residential assets and why should you bother?