Second charge bridging loans allow you to raise capital against a property which already has finance secured against it.
Try the MFS bridging calculator to estimate the amount you can borrow, interest and other costs. Just enter the market value of your property, any outstanding mortgage, the amount you’d like to borrow and the months you’d need the money for. The calculator is easy to use and you get instant results.
Our second charge bridging finance are short term products, designed to help progress property plans swiftly. If you’re requesting a 2nd charge bridging loan, you will already have a 1st charge secured against a property, likely taking the form of a mortgage. Second charge loans allow you to utilise the asset in question without needing to re-mortgage or change terms with your initial lender. The newly acquired funding, or unlocked equity, will let you move forward with any refurbishment or investment plans you have.
You can borrow between £100,000 and £5,000,000, depending on your project.
You can use second charge bridging finance to support a range of property plans. They can be used to refurbish a home before putting it back on the market. The capital can be used to invest in another property or finance a business venture. If you want to convert a property you can also utilise 2nd charge funding. This will be the case whether you want to transform a commercial building into flats, or utilise an empty home to expand into a new industry.
You can use our second charge bridging loans to invest in residential, semi-commercial, or commercial properties. They can also be charged against your home of residence. For commercial properties, this can range between office blocks through to care homes. Residential assets could come in the form of new-build houses, HMOs and more.
Second charge bridging loans can allow you to raise funding quickly where mainstream finance lenders struggle to adapt. High street banks can take months to release funds from existing assets, while rising costs may make their criteria especially strict. Our 2nd charge bridging loan is tailored to your circumstances and won’t interfere with your 1st charge loan, providing the initial lender agrees to the 2nd charge being placed on the asset.
So long as you’re aged between 21 and 85, you can qualify for a 2nd charge bridging loan. Our funding can be issued to a broad range of investors and circumstances. Regardless of whether you’re facing broken chains or tight deadlines, we’ll be able to adapt.
We’re open to applications from individuals as well as corporate set ups. This includes limited companies, LLPs and SPVs. We can also lend to overseas property investors, so long as they’re not based in a sanctioned or blacklisted country.
You can also apply if you have an adverse credit history. We look at the whole picture and take you and your property into consideration on individual merit. If you have adverse credit, we can still provide a second charge, depending on your property, your circumstances, and your exit strategy.
Our funding can be delivered in 3 days but on average, most of our cases complete in around 2 weeks. Complications may slow down the process, but we’ll adapt on an ongoing basis. No matter what challenges are thrown our way, we’ll push to issue your funding as quickly as possible.
Across all our bridging products, cases are underwritten from day 1. This means you’ll never be hit by unexpected costs. All our loans have an arrangement fee, starting from 1% of the gross loan amount. There are no admin fees and commitment fees are refunded on drawdown. For second charge bridging loans, we also have no exit fees applicable.
A first charge relates to the principal finance provided by a lender, which is secured against a property before any other finance. Naming the lender as the ‘first charge’ means they will be the first to receive payment in the event of the sale of the building. They take precedence above any other charges on the same property.
A second charge relates to the second lender who uses a property as security when providing a loan. This means that in the event of the sale of the property, the second lender (the ‘second charge’) will settle their loan once the first charge lender receives their repayment. This can put the second charge lender at a greater risk of not receiving a repayment in full, or at all. For this reason, second charges usually have a higher interest rate.
Your first charge lender will need to provide permission for you to commence with your second charge bridging finance. The solicitors working on the case will consult with your first charge lender to gain the permission and allow us to find a solution that works for all parties involved.
Whilst we are an unregulated lender and therefore cannot supply first charge bridging loans on homes of residency, we can accept your residence as security for a second charge bridging loan.
However, we still require an exit strategy for your second charge bridging finance. Failure to repay your loan could lead to your home being repossessed. To mitigate against this, we will only supply our bespoke finance once an exit strategy is agreed or is currently in place.
Your application will require the specific details unique to your circumstance. At a minimum, we’ll need information and documentation on the investment itself and exit strategy. For our second charge bridging loans, we’ll also need details on the 1st charge lender.
To get the ball rolling on your finance requirement, you can call us directly on +44 (0) 20 7060 1234. We can also be emailed through this address: info@mfsuk.com. Your enquiry will be responded to within 4 hours by a dedicated underwriter.
Get in touch via phone, chat or email about your query, however complex it might be. We will try our best to say yes to you, instead of finding a reason to say no.
Email: info@mfsuk.com
Phone: +44 (0)20 7060 1234
Email: brokers@mfsuk.com
Phone: +44 (0)20 7060 1234
Tom Gill, BDM at MFS, has been professional and a pleasure to deal with. Extremely pleasant, helpful, knowledgeable and working with my client best interest at the forefront of every decision to secure the most appropriate solution to fit my client's needs. Tom has a true passion for what he does and, despite the hurdles, we worked together with the support of with Shaun Bains (very nice and professional too!) to get the best outcome for my client. The result was a happy client that is delighted and asked me to do more work for them! Thank you very much indeed Tom and the MFS team. To more deals together! All the best, Eric Giordanengo
Eric Giordanengo
I would like to thank Sumit for his continuous hard-work and kind assistance on all my deals. Sumit is extremely professional and is willing to go the extra mile to complete a deal. The service provided is excellent. Sumit is attentive and regularly keeps brokers updated during the process and makes sure all deals are completed on time.
Michelle
Sonal was excellent, from start to finish and I look forward to working with MFS again in the near future
Ryan Gruzinski
I've had a recent completion, and my first ever with MFS. The way they stuck with the deal with an obstructive vendor was above and beyond the expectations of any lender (I could go on for hours about the vendor) With easily over 300 bridging completions under my belt in my career I know good service when I see it, my only regret is that I should have been using MFS more. Special mention to Jemma Vaja for her hard work.
Liam
From the first time I spoke to Sonal about the case , I was assured that MFS will be able to help . And yes they did. Sonal sent me terms very quickly and the whole process was seemless. We always got updates and Sonal was very professional and did a brilliant job until the case was finally completed . Our Client was very happy and this meant we were very happy too. We had a fantastic experience and we believe this will be the first of many . To Sonal a big thank you for your wonderful professional yet friendly assistance .
Mr Gabriel
Bridging Finance that took longer than anticipated to complete (in this instance solicitors ready to go but MSF Compliance had an issue) but all the same the u/w team were on hand to offer assistance. Client feedback is that solicitor fees do add up with MSF cases (especially BTL apps), so make sure you/your client take this into consideration.
Amie-Be Compliant Ltd
Really good experience from start to finish. Extremely diligent and very efficient way of working. Could not find any faults in the whole procedure. Definitely recommend it to others that are looking for this type of facility. Harj and Kiran we’re very professional at all times even working on a weekend if need to. Once again a big A BIG THANK YOU!!!
JOJAR DHINSA
Really excited to be working with MFS. Underwriter was busy throughout the application and it was difficult to get her on the phone, however our BDM Oli Watts was available throughout the process and that made it more efficient for us. If we were unable to get an update form UW Oli would get the info for us regularly.
Tobi
MFS, Thank you for giving all my clients an amazing service, Jemma, especially, she has been very professional and efficient since she joined MFS. She is a definitely a great asset to the company. Jemma, thank you and well done for all your assistance!
Maria
As a mortgage broker, I have dealt with MFS several times and all successfully progress to completion on time. I have to mention that the BDM Zahira and the Underwriter Jeanne have been working really hard to make sure my urgent deals completed within the deadline and updated me several times a day so I am always aware whats going on. Top services.
Sabrina
I have dealt with MFS for a long time as a Commercial Financial Broker. A great company to deal for all your short term funding needs. The speed, professionalism, communication and friendliness of staff are just great. I have dealt recently with Jemma who is always ready to help and sort out hurdles. Kieron and Richard are a few who i have dealt who brilliant. Also Paresh who is the CEO of MFS is a great person to deal. MFS always exceed expectations.
Victor
Five Star Service Another bride company let me down with an unreasonable underwriter view, which cost my client two weeks, a valuation, and solicitor fees. My client needs to close the deal within three weeks. MFS has given me hope and taken the human thinking approach to overcome all the obstacles. Craig, Wayne, and Will provided excellent support (all calls were answered the same day). A big thanks go out to them. The whole team deserves five stars. Easy Financial Services LTD
AJIT SINGH
Working with MFS is an absolute pleasure. They are always in communication and so everything they can to deliver a seamless transaction within a short time and minimum fuss. All in all a very professional outfit. Working with Jemima Hyes and her team has been great.
Ripon Mahmood
I've had the pleasure of dealing with MFS in particular Imogen and Kieron. On each occassion from the initial phone call to discuss the nature of the case and sending across the enquiry form they have been proactive and quick to get the indicative terms issued. They are knowledgable and very helpful.
Amit Patel, Trinity Finance
Exceptional service from a professional, diligent and creative team. In particular - a special thanks to Sonal who effortlessly simplified the complexity of the matter, maintained clear lines of communication and ensured overall transactional efficiency.
DG
I have dealt with MFS for 3 years. They have always been professional and found competitive structured finance solutions for my clients. They also offer a wide range of products. They have always got offers out quickly which is paramount to me. I have dealt with several of the team at MFS and they have all given me an excellent service.
customer
We have completed a complex case. Underwriters were promptly acting in each time.
Dinesh
We've had nothing but great service from Zahira and Kieron whilst working with MFS. It's a pleasure to work with a common sense lender who are efficient, dedicated, commercially minded and easy to communicate with. Thank you, and keep up the good work!
Chris Oatway
Very tricky case, handled expertly by Jemma and the team, even though interest rates increased in the middle of the application, MFS ensured that any increase was as minimal as possible. Top effort and will be using MFS again
Craig
I have known Kieron and MFS for circa 4 years. Nothing is ever too much of a problem for Kieron and he is very quick to respond to my enquiries. A few months ago we completed two very tricky transactions in excess of a million pounds of Bridging and Kieron sorted out every question and query that we came across. Kieron’s ability to quickly refer up the line was also extremely helpful and he has access to the decision makers who without doubt have a 'can-do' attitude! I run a team of 5 Commercial brokers and I have recommended MFS to them on a number of occasions, so expect a plentiful supply of new business! Thank you to all at MFS, you are a great bunch!
Andy Elley
