Short Term Loan For First Ever Buy-to-Let Investment
No Penalty for Early Repayment
Gross Loan Amount: £485,000
Market Value: £650,000
A broker got in touch with us who had a two clients (married couple) looking to purchase their first investment buy to let property. Interestingly, before coming to us the borrowers had missed out on another BTL property as their mortgage offer took too long.
After the borrowers lost out they changed tactics and decided to use bridging finance and essentially become cash buyers. This allowed them to look at a property that needed modernisation as not all BTL lenders will allow you to buy properties that need renovating. Here at MFS, we examine each case on its merits, in order to offer a tailored, bespoke loan solution.
This clients already having terms from us were able to have their offer accepted and within a few weeks (even with the seller being in Australia and getting documents couriered during a global pandemic) we completed the transaction.
The borrower was ecstatic.