Gross Loan Amount:
We received an enquiry from an existing broker whose client was looking to purchase the residential property next door to their current home in Kent. The client was looking to take advantage of the stamp duty holiday and the buoyant property market to purchase the recently built asset. They wanted to use it as a buy-to-let property to generate additional monthly income.
However, they were receiving pressure from the seller and needed to complete quickly. They were in the process of arranging long-term finance, but unfortunately the mortgage application was facing ongoing delays. They needed a bridging loan urgently to ensure they would meet their fast-approaching completion date.
As well as MFS having previously worked alongside the broker, the client also had a strong experience with both bridging loans and managing buy-to-let’s (BTL). We knew we would be able to step in and arrange finance by their completion deadline.
The broker’s MFS underwriter worked quickly to ensure a valuer would be able to conduct a property valuation. By having strong relationships with our panel members, we were able to ensure one of our valuers was at the property in a matter of days. We received the valuation report quickly following the visit to the property. Upon receiving the valuation figures, our underwriter wasted no time and instructed the legal team so the bridging loan would remain on track to meet the client’s deadline.
Having already started the process of arranging a buy-to-let mortgage, the client’s exit strategy was already in motion. The bridge loan provided them the breathing space they needed and helped relieve any worry of missing their completion deadline and losing the property altogether.
Strong relationships with our brokers is of high importance to us here at MFS. All our brokers will receive an MFS underwriter who becomes their direct point of contact and work alongside them for their bridging enquires. During these time-pressured residential bridging loan cases, having a direct point of contact can help the case proceed in a smooth and timely manner. With several funding lines available, we are also able to issue funds quickly and efficiently.
Our long-standing relationship with our panels is another advantage to we use to provide a swift completion. Our valuers are reliable and will always work hard to ensure we can help meet the clients deadline.