Gross Loan Amount:
£550,000
Property Value:
£800,000
LTV:
70%
Initial Circumstance
An existing broker introduced a client that required funds within 14 Days to complete the purchase of a new Investment property, for which the client had already put down a deposit. The client’s traditional lender took longer than anticipated leading to a delay in completion, which meant that speed was essential.
MFS Solution
To meet the client’s deadline, Market Financial Solutions ensured a valuer from our panel of surveyors were able to value the property the next day with the report to follow within 48 hours. In addition, we engaged our solicitors simultaneously and were able to meet the client’s deadline, ensuring the client did not lose their deposit. The exit strategy was through long term refinancing.
The Benefits
The bridging loan was issues and the client did not lose their property or their deposit. They also did not have the added pressure of early repayment.
Further reading:
- Featured Product: Auction Bridging Loan
- Explainer Video: Auction Bridging Loans
- Tool: Bridging Loan Calculator
- Guide: Guide to Buy-to-Let
- Blog: 17 Questions buy-to-let landlords should ask themselves as rental demand rises
- Blog: The benefits of buy-to-let: what investors need to know and is BTL still worth it?
