Gross Loan Amount:
A borrower via an offshore company needing to refinance a UK property. They had an issue with their exit plan with a European bank who were not fast enough to complete the long-term exit. The borrower had an extensive property portfolio that needed refinancing. They’d just finished works on their property.
Additionally, he had a complex structure with other properties in Europe, England, and America.
A valuation was completed on the property with a reputable company, issued by the borrower within the application process. However, due to the additional works on the property, the value had increased.
To confirm the uplift in value the MFS underwriter instructed another valuation, which we had a close relationship to ensure that the valuation all was independent and objective.
We were able to provide a valuer to go to the property within a day. We needed to expedite all so that the borrower would not go in to default.
The only issue we encountered was waiting for the original documents from the borrower, as the company was offshore and numerous legal partners were involved. However, once we had received the documents, we were able to process the loan application within 12 days. They were very happy with our bespoke bridging service.
Our dedicated underwriter was able to utilise a valuer from our diverse valuation panel. As a result, we were able to receive a valuation report fast and ensure a seamless process without incurring any default rates with the existing lender.
Long term exit was long term finance, and the borrower was able to borrow more to sort out his financial structures effectively.