Gross Loan Amount:
£2,745,000
Property Value:
£3,690,000
LTV:
75%
Initial Circumstances
We were introduced to a new borrower who needed a refinance on multiple property project to complete works in guidance to the planning acquired. Out of the 6 properties, a few of the properties needed to be resolved and complete the outstanding works.
Our underwriters noted a SILs Liability on the property, given by their Borough Council.
The borrower needed short-term finance to finish the works according to the planning and pay their liability to allow them to complete and sell the properties.
MFS Solutions
MFS were able to consider the SILs liability. In addition, we provided a solution that the client adhered to a payment plan that was agreed on, in 4 installments.
We needed to provide flexibility to allow the borrower to finish the works. We understand that not all property developments go to plan and with some common sense and experience we were able to support and move the matter forward. We had the backing of our expert legal partners and our experienced underwriters to get the deal through.
The Benefits
By providing the breathing space and assurance with our bridging loan the borrower was able to complete the works very fast. They could then transit to long-term finance more readily as all properties were compliant to a high specification.
