Short Term Loan to Complete a Purchase

Short Term Loan

Gross Loan Amount:

£650,000

Market Value:

£1,465,000

Charge:

1st Charge & 2nd Charge

Initial Circumstances

An existing Broker introduced us to a seasoned property investor who required short term funding to complete the purchase of a BTL property which had to be completed urgently. The client was in a situation where they had secured terms from another lender. However, was turned down when the deal was near completion due to the Covid-19 pandemic.

MFS Solution

We were more than happy to meet the client’s needs, offering terms within a few hours of the Broker making contact. The client was extremely pleased with the terms offered. We quickly moved forward by getting the valuation report readdressed and to speed up the process we engaged our solicitors to start the legal process simultaneously.

The Benefits

MFS was able to complete the transaction and issue the bridging loan within 3 weeks to ensure completion of the purchase and the exit will be through refinancing.

 

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