Risk of losing a substantial deposit for a new build and to complete the loan within 7 working days

complete within 7 days

Gross Loan Amount:

£590,000

Property Value:

£790,000

LTV:

75%

Initial Circumstances

An existing broker approached us regarding an offshore client who resides in China. They had bought a new build property and needed to complete on their deadline.

They were struggling in getting a mortgage and had not anticipated that it would take such a long time. A bridging loan was to give the necessary breathing space.

MFS Solutions

Our dedicated underwriter made sure that we instructed a valuer to process the valuation report with a 48hour turn around. Within the underwriting process, we instructed our solicitors to complete all necessary documents in 6 days.

Due to restrictions with COVID-19, the borrower needed to execute the documents via video call, with a witness present and a UK solicitor. The know-how and expertise allowed the deal to be completed seamlessly.

The Benefits

At MFS, flexibility is key. Our bespoke bridging service allowed the borrower to execute the documents via video call rather than face-to-face. In house funding and excellent panels of lawyers and valuers meant that the client did not lose their property but gain a beautiful apartment in 7 working days with very good competitive rates.
Exit would be long-term finance.

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