“Second charge bridging loans allow investors to raise capital against a property which already has finance secured against it. This funding allows property investors to move forward with their investment plans, without needing to re-mortgage, or change terms with the first charge lender.
Our second charge loans will not interfere with a first charge loan, so long as the lender involved agrees to a second charge being placed on the property.
Second charge bridging loans cannot be utilised without permission from the first charge lender, which is typically a mortgage provider. Attaining this permission is handled by the solicitors involved and once it comes through, we assess your claim on its individual merits.
We can have second charge funding issued in mere days, whereas mainstream lenders can take months to release funds from an existing property. Where properties are sold, first charge lenders will receive payment before second charge lenders. As such second charge loans are often more expensive arrangements than first charges.
Second charge loans can be used to purchase residential, commercial, or semi-commercial properties. They can be charged on your home of residence, and the funding can be used for a range of investments. Including refurbishments, conversions, or even a new business venture.
Here at MFS, our second charge bridging loans are available from £100k to £5m, with a maximum LTV of 70%.
Visit www.mfsuk.com for more information and to contact one of our underwriters.”