Residential purchase to expand a property portfolio – Central London
Loan Value – £1,350,000
Property Value – £2,050,000
LTV – 65%
During July, one of our regular borrowers came to us looking to expand on their current property portfolio with a property based in central London.
However, due to pressure they were receiving from the seller, the borrower was on a strict schedule and needed funding fast – with a deadline of completion set at 2 weeks.
This deadline was one of the key reasons they decided to come to us at MFS.
Once aware of the tight time schedule, our underwriters were quick to issue terms and instructed valuations be done on the same day as receiving the enquiry. Due to our access to in-house funds, we were soon able to issue the 1st charge loan.
Each of our cases has an assigned underwriter who personally monitors the progress of the case and interacts with the broker or borrower. This provided a simple, yet comprehensive level of communication between the borrower and the underwriter and ensured that the borrower felt comfortable with progress at each step of the way.
The borrower let us know that they planned to exit from the bridging loan by way of a long-term finance solution, which made our underwriters comfortable with the deal and showed a clear exit strategy.
Speed – By issuing terms and instructing valuations on the same day, our underwriters were able to complete on time and ensure that no time was wasted.
Transparency – By having a direct underwriter assigned to the case, they were able to respond quickly to any questions, and were personally contacting the borrower to ensure documents were processed quickly enough to get the deal completed on time.
This approach meant that the borrower did not lose their deposit, and completed on the investment property that they wanted.