Gross Loan:
£3M
LTV:
60%
Charge:
1st charge
Initial Circumstances
The client had purchased a large manor house in Kent that they were looking to repurpose into a number of apartments. The initial planning application had been delayed due to being rejected by the council and the client approached us directly when they needed more time to renovate their property.
The client subsequently had good conversations with the council following the initial planning rejection, and has now submitted revised plans, which they are confident will be approved.
MFS Solutions
We were happy to look at this refinance due, in part, to the experience of this particular client. They are a seasoned property developer and have successfully delivered on a number of projects like this in the past.
We received this enquiry on the Thursday evening and jumped into action – sending out terms later that evening. The borrower then agreed and paid their fees on the Friday. At the same time, we were instructing solicitors and already receiving the valuation report.
Over the weekend, in partnership with the client’s solicitors, we worked to get the specifics in place.
The Benefits
The funds were released to the client on the Tuesday, just two working days after receiving the enquiry. The client now has the time they need to get the revised planning application approved, and then repay our bridging loan with Development finance.
We were really glad to be working with such an experienced property investor, and they were very happy with the fit for purpose finance in such a short time frame. We look forward to working with them again on their future projects.
Further Reading:
- Featured Product: Refinance Bridging Loan
- Tool: Bridging Calculator
- Guide: A Guide to Buy-to-Let
- Blog: The benefits of buy-to-let and is BTL still worth it?
- Blog: How to build a property portfolio – Your starter guide
