Gross Loan Amount:
An existing client approached us for short term funding to discharge their existing first charge lender and raise additional funds for Investment purposes. The properties offered as security were situated in a prime location generating a strong income.
MFS quickly issued terms for a bridging loans to meet the client’s needs at a competitive rate. To speed up the process MFS instructed a valuer to complete report within 24 hours on both sites, whilst engaging with solicitors to start the legal process simultaneously. MFS were able to complete the transaction before the anticipated completion date needed by the client. The exit strategy was long term refinancing.
MFS charges no penalty for early repayment, which will allow the client to redeem the loan as soon as their long-term refinance completes. Client had more time to shop around for a better long-term product, restructure their finances to a more manageable way.