First Charge Facility Required to Pay Off Existing Lender on a Commercial Property in South West London.
Location: South West London
Gross Loan Amount: £1,300,000
Market Value: £2,000,000
No Penalty for Early Repayment
An existing client required a facility to pay off their existing lender. The asset comprised of a huge commercial unit and there was a delay in their development finance which was close to completing.
MFS worked quickly and efficiently to ensure the client didn’t fall into default with their existing lender. The rates offered were much more competitive than the default rate that would have been charged by their existing lender. We swiftly moved the matter forward by instructing valuers and engaging the solicitors simultaneously. The exit was through development finance.
Our client did not pay default charges or any penalty for early repayment, which allowed the client to redeem the loan as soon as their development finance completed.