Location:
South London
Loan amount:
£500,000
Property Value:
£715,000
Initial Circumstance
An existing broker came to us when a client stuck in Northern Italy had a deadline to complete. The traditional lender was taking longer than anticipated, plus there was an added logistical nightmare of the coronavirus lockdown.
They were set a final deadline by the developer to complete, which was extremely stressful for them as there was a risk that they could lose their deposit.
The long-term lender was not able to complete in time. So a fast bridging loan solution was needed.
MFS Solution
Underwriters immediately dealt with the case and ensured they were in contact regularly with the broker, who was fully aware of how we operate and knew the urgency we would place on the case.
We are still doing valuations on site and not via Desktop – this was actioned within days, ensuring that all social distancing guidelines were adhered to.
Lawyers were on hand and working from home to ensure all was completed smoothly, with documents being signed and delivered swiftly.
The deal was completed in less than a week and the client was very much satisfied, as well as relieved that the deadline was met so fast & in such a professional manner.
The Benefits
Apart from the obvious benefit of not losing their deposit, the borrower was able to secure a golden opportunity to buy their new property in a prime location. There were also no exit fees or early redemption payments.
Exit will be through a traditional long-term lender.
Further reading:
- Featured Product: Foreign Nationals & Overseas Bridging Loans
- Explainer Video: Overseas Bridging Loans
- Tool: Bridging Loan Calculator
- Report: The Homebuyer Wishlist 2021
- Blog: The effect of covid on the property market – is it still struggling or is the worst of it behind us?
- Blog: What to do when a property chain breaks? Follow the no-panic solution
