Large loan to cover an impressive country manor and surrounding properties

Large country manor landscape image

LTV:

67%

Gross Loan Amount:

£6,300,000

Property Value:

£9,450,000

Initial Circumstances

An existing broker came to us with an enquiry from clients who were looking to raise finance to clear an existing debt against the security asset as well as another debt against an additional asset. The asset was a large country home with 17 bedrooms located in West Sussex. The property also had additional outbuildings located around the main residence, which had planning permission already approved for conversion into holiday lets.

The clients had previously applied for planning permission to convert the property into a hotel, but had changed their mind, instead deciding to separate the building into multiple residential dwellings to maximise their potential property yield. They needed further time for their enhanced residential planning application to be approved.

Knowing we specialise in complex bridging loans, the broker came to us with the case in the knowledge that we would be able to facilitate such a large loan, despite the complex circumstances surrounding the case.

Upon receiving the enquiry, it was clear the clients were experienced landlords who had a strong background with bridging finance and buy-to-let assets. Taking all areas into consideration, we accepted the case and got started on the lending process.

MFS Solutions

One of the biggest complications facing the MFS underwriter was finding a valuer who would be able to conduct a valuation report due to the complex nature of the asset however, due to our extensive panel of valuers, we were able to source a valuer to assist.

Upon receiving the valuation report, we were able to raise the funds needed to clear the finance currently secured against the property. After arranging the funds to refinance the debt against the security asset, we were also able to raise the requested additional finance, meeting the clients’ needs. The borrowers then had time for their planning enhancement application to be approved which would enable them to sell the asset at a higher value.

Unlike other bridging lenders, to ensure our clients received the best value for their asset, we were able to lend against the open market value.

The Benefits

Due to complexity of the asset and time constraints, our underwriter and BDM worked closely with the broker to ensure all elements had been covered, and the correct valuer was sourced.

As a bridging lender, our loans are not restricted by tick-box criteria. Whilst other lenders may not be able to provide funds for such a large loan, and for such a complex case, our expertise in complex circumstances and product flexibility allows us to cater to this rising demand in the market.

Latest Case Studies

Our Calculators:

Calculator Page_Bridging Image_Top
Homepage_Calculator Icon

Bridging Loan Calculator

Calculate the loan amount you may be able to apply for and the interest payment options available to you.

Calculator Page_Bridging Image_Bottom
Calculator Page_Buy-To-Let Image_Top
Homepage_Buy-To- Let Calculator Icon

Buy-To-Let Mortgage Calculator

Use the calculator to understand which product tier best matches your BTL requirements.

Calculator Page_Buy-To-Let Image_Bottom
bridging loan for auction properties

Contact us

Speak to us on the phone, via chat or email about your case, however complex it might be. We have a friendly, dedicated team and one of our underwriters will be happy to help you with your enquiry. We will always try to lend, and when we say yes – we mean it

Menu