Gross Loan Amount:
£1,400,000
LTV:
75%
Initial Circumstance
We received a new enquiry from a client who needed an urgent bridging loan. They were looking to purchase a semi-commercial property, but needed a large loan to ensure its completion.
MFS Solution
In order to provide the LTV that they needed, we discussed their existing portfolio, and utilised two of their residential BTL properties to provide adequate security for the loan.
We also came across some delays from the borrower side throughout the process, but we stayed on hand and in communications with the solicitors to make sure that things were still moving as quickly as possible – even across borders.
Unlike many lenders we underwrite from day one to make sure that when we say yes to a slightly more complex requirement like this one, we actually mean it.
The Benefits
The client raised the funds they needed in one transaction, by utilising other properties that they already owned.
This flexibility is one of the reasons our clients often return to us, we will always try and find a solution to their requirement.
Further reading:
- Featured Product: Commercial & Semi-Commercial Bridging Loans
- Explainer Video: Commercial Bridging Loans
- Tool: Bridging Loan Calculator
- Report: The post-pandemic outlook of the UK commercial property market
- Blog: Commercial property tax guide – what taxes do investors need to pay and what are the allowances?
- Blog: What is the minimum EPC rating for commercial property?
