Gross Loan Amounts:
An existing broker received an enquiry from an offshore client we had helped previously. The client was looking to invest in a new business venture and had arranged long-term finance. However, they were falling short on funds and needed a bridging loan to ‘bridge the gap’. To ensure the two forms of finance completed at the same time, the client needed a lender they could trust to work in tandem with the long-term lender.
The client had a property portfolio which consisted of 7 unencumbered properties which they were looking to utilise to raise the missing funds. Five of the properties had been purchased through a company that was separate to the one used to purchase the two remaining properties. This meant our underwriter would need to organise two separate bridging loans to raise the required funding for our broker’s client.
Upon arranging the two bridging loans, the MFS underwriter was then able to arrange a valuer to visit the properties within a matter of days. Due to our good relationship with our valuation panels, we were also able to receive both valuation reports within 3 days.
Due to the nature of the deal, our underwriter worked ahead of schedule to ensure that all documents and legal assets were in place. This enabled our team to work to the brokers schedule and release the bridging finance at the right time.
Communication was key during the organisation of these two bridging loans. Not only did we arrange the two loans, but we also had to align the funding to be released simultaneously with the other lender to ensure the clients shortfall was covered. Our underwriter worked closely with the broker, as well as the clients’ solicitors to ensure all areas were moving in tandem.
The broker was extremely happy with our service, and we look forward to working with them again.