Gross Loan Amount:
One of our existing brokers introduced us to a new client who needed urgent funding.
The client was looking to acquire a highly sought-after investment property located in London. The asset was a large house that had planning permission in place to convert the property into 6 flats.
Due to the high volume of competition for the property, the client needed a fast-bridging loan to complete and secure the asset.
Our underwriter immediately contacted one of our trusted valuers to conduct a valuation report. To provide the client with the necessary funds, we arranged the valuation report to include the planning permission – increasing the loan size for our client.
As well as a valuation of the property, we had to get a development appraisal, due to the planning permission. We pushed both items through within the first working week.
From there, we instructed lawyers. However, to ensure the property met our criteria, the planning permission needed to be assigned to both MFS and the buyer. Our underwriter therefore reached out to the architect and worked in collaboration with both the architect and the client, until all parties were satisfied with the loan criteria.
Funds were released soon after and the client was able to secure the property.
With the extra funding the client set about moving forward with the conversion, increasing the overall value of their property portfolio considerably. Both broker and their client were over the moon with our bespoke bridging service.
We’re over the moon when brokers return. Having previously worked with us, the broker knew we would be able to supply the funds quickly. The key to any complex case is communication. With such a tight deadline, due to the high level of interest the property had attracted, ensuring all parties were kept updated on any developments was fundamental.
Being experts in the complex and fast bridging loans, we were able to tailor our service to include the planning permission – increasing the amount lent. We also provided the breathing space the client required to finalise their long-term development finance. This would also double up as an exit strategy for our bridging loan.