LTV:
75%
Gross Loan Amount:
£415,000
Property Value:
£560,000
Initial Circumstances
We received an enquiry from a returning broker whose client was looking to purchase through a UK Limited Company. The client was looking to invest in a new build asset located in Bristol and was facing pressure to complete from the developers.
In addition to this, the client’s original source of finance fell through at the last minute, leaving them in desperate need of funds.
Having worked with us previously, the broker recommended us to their client as they knew we would be able to meet their completion deadline. We were more than happy to accept the enquiry.
MFS Solutions
Using our valuation panel, we instructed one of our valuers to visit the property within days of our instruction. Due to the short timeframe, we instructed our lawyers using verbal confirmation from our valuer to ensure the deal remained on track to meet the tight deadline. We then received a physical report within a few working days.
Upon entering the legal stage, we became aware that we needed a completion certificate from the third-party developer due to the property being a new build. Whilst waiting for the correct document, the MFS underwriter worked closely with the broker to complete all remaining areas. Once we received the certificate, we were ready to release the funds.
The Benefits
We understand that circumstances can change rapidly. Being let down by a lender can leave you in difficult circumstances. However, our bridging loans can help minimise risk for the client. As specialists in the complex, we can work quickly to provide a bespoke bridging service that tailors our products to your needs – despite loan size and time frame.
Having worked with us prior, the broker knew exactly what to expect with this deal. In addition, having an allocated member of the underwriting dedicated to their case created a sense of familiarity for both sides and answered communication was clear and precise.
Further reading:
- Featured Product: Residential & Buy-to-Let Bridging Loan
- Explainer Video: Buy-to-Let Bridging Loans
- Tool: Bridging Loan Calculator
- Report: The homebuyer wishlist 2021
- Guide: Guide to Buy-to-Let
- Blog: What is a bridging loan secured against?
