Short Term Loan to Complete a Purchase Where Terms Had Been Reneged Due to Covid-19
No Penalty for Early Repayment
Gross Loan Amount: £650,000
Market Value: £1,465,000
1st Charge & 2nd Charge
An existing Broker introduced us to a seasoned property investor who required short term funding to complete the purchase of a BTL property which had to be completed urgently. The client was in a situation where they had secured terms from another lender. However, was turned down when the deal was near completion due to the Covid-19 pandemic.
We were more than happy to meet the client’s needs, offering terms within a few hours of the Broker making contact. The client was extremely pleased with the terms offered. We quickly moved forward by getting the valuation report readdressed and to speed up the process we engaged our solicitors to start the legal process simultaneously.
MFS was able to complete the transaction within 3 weeks to ensure completion of the purchase and the exit will be through refinancing.