Gross Loan Amount:
£500,000
Property Value:
£750,000
LTV:
70%
Initial Circumstance
A borrower introduced an overseas client to our underwriting team, who was looking to purchase a new build property in South London. They wanted to use the asset as a buy-to-let property.
They were arranging a mortgage however the mainstream lender was not able to complete in time. Historically traditional mortgage completion times are longer than alternative finance, and this is currently more prevalent than usual, with coronavirus and the SDLT holiday increasing transaction times even further.
Without financing, the brokers client was standing to lose a great deal of money on the investment. Our underwriters got straight down to work, to ensure that didn’t happen.
MFS Solution
First off, we instructed valuation reports to be delivered in 24 hours. Despite the quick turnaround, we insisted on first receiving the figures over the phone, which would enable us to instruct the lawyers; without having to wait for the delivery of the report. Upon swiftly receiving the figures, legals were implemented.
Having a direct underwriter assigned to each individual deal also allows us to support our clients throughout their case. We were able to take the time to take the borrower through our process, so they could execute the documents for the solicitor.
Due to the distance, we arranged a fast courier service so we could receive the signed documents from the borrower overseas, to our offices in London.
The Benefits
One of the reasons we get a lot of regular brokers and clients, is because we like to keep things simple and clear. We’ll you provide you with the rates of our bridging loans outright, and ensure no goalposts are moved from the moment we say yes. Because we’re here for you.
The broker has done multiple cases with us, usually within short time frames. They have full trust that we can get their deals done before deadline and understand the way we work, having faith that their clients won’t lose their deposits.
Further reading:
- Featured Product: Foreign Nationals & Overseas Bridging Loans
- Explainer Video: Overseas Bridging Loans
- Tool: Bridging Loan Calculator
- Guide: Guide to Buy-to-Let
- Blog: The benefits of buy-to-let and is BTL still worth it?
- Blog: 17 Questions buy-to-let landlords should ask themselves as rental demand rises
