Short term loan for a property acquisition

Short term loan

Gross Loan Amount:

£2,000,000

Property Value:

£3,250,000

Charge:

1st Charge

Initial Circumstances

The client came to us directly to help complete a property acquisition when the long-term lender was taking too long to put a finance solution in place.

MFS Solution

To get the acquisition done we simultaneously instructed the onsite valuer (whilst taking into consideration the social distancing guidelines from the Government during Covid-19) and the lawyer. Due to our good relationship with our valuer, they were able to get the report to us within 48 hours.

The Benefits

We were able to complete the bridging loan within 5 days, allowing our client to complete the property acquisition, not lose their deposit, and simply pay off their loan with the traditional long-term finance when that is processed.

 

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