Gross Loan Amount:
A new broker approached us with a client who needed a semi commercial bridging loan. The client needed finance to purchase a semi-commercial property in South Yorkshire.
The asset consisted of a ground floor shop which needed some refurbishment work. The top floor consisted of a one-bedroom residential dwelling, which the client planned to convert into two residential dwellings to increase the property yield.
The buyer had a deadline to adhere to, so the underwriter started the underwriting process immediately. However, delays are often unavoidable when purchasing a property. Our underwriter came to a sudden halt due to solicitor delays, checking for technical issues. Once resolved the client wished to complete within a week! Due to our long-standing relationship with our panels, along with our access to several funding lines and in-house funds, this was very much feasible. Famous for our speed, we were confident we would continue to complete on time.
Loan amount required needed to cover the purchase price, the MFS underwriter arranged a 1st charge on the semi-commercial and a 1st charge against an unencumbered BTL property in order to raise the full purchase price for the borrower.
Both broker and borrower felt more confident in their understanding of how a bridging loan works and how they can use this form of alternative finance to aid their future property investments. Their confidence has seen them return to our services with another enquiry to build their property portfolios.
Both broker and borrower were extremely impressed with our fast funding, simple process and our professional and open approach.