Gross Loan Amount:
£750,000
Property Value:
£1,600,000
LTV:
50 %
Initial Circumstances
An existing broker came to us with a client looking to sell a property under the name of a complex corporate company structure involving an overseas trust, to cover the costs of overrunning refurbishment works on their original loan.
MFS Solutions
Due to the uncertainty at the time regarding Brexit, the client felt it best to hold off selling until the property market stabilised. They therefore needed 50% LTV to cover the shortage on their original loan, as the current facility was coming up to expiry and they needed to refinance the asset.
With the asset residing in the UK, our underwriter had to work closely with the broker in order to coordinate communication between all parties, including the settler of the trust and the person managing the trust.
The Benefits
Despite the complex nature of the trust and the added impediment of oversea communication, we were able to get the bridging loan completed in a simple nature for the clients and left the broker elated with our expertise and handling of the case.
The broker has since returned to us with additional complex circumstance cases that may be considered too rich by other brokers, with the confidence in our success rate with complex loans.
Further reading:
- Featured Product: Complex Bridging Loans
- Explainer Video: Complex Bridging Loans
- Tool: Bridging Loan Calculator
- Guide: A guide to conversion, refurbishment and renovation
- Blog: How much will you spend on property renovation costs?
- Blog: How has Brexit affected UK property investment? 7 Things you need to know
