Gross Loan Amount:
£5,000,000
Property Value:
£7,500,000
LTV:
67%
Initial Circumstances
We received an enquiry from a new broker who had high-net-worth clients residing overseas that were looking to purchase property in Prime Central London.
They needed urgent funding as they were receiving pressure from the seller to complete. They also needed a lender who would be able to provide a large bridging loan where the borrowing entity was a company incorporated in the British Virgin Islands.
MFS Solutions
Underwriting from day one, we were able to make sure there were no hidden complexities that could create delays further into the process.
The valuation reports for the property had already been completed. This saved us a great deal of time, as we were able to get them readdressed to us before instructing the legals.
Despite the physical distance between us and the client, we were able to complete within the 2-week timeframe, leaving both the borrower and broker very happy with the service that was provided.
The Benefits
Having several funding lines available gives us access to funds that can be deployed quickly. Coupled with our in-house funds, we can move with speed, confidence and flexibility on all of our loans.
Having completed before the end of March, our broker and borrower were eligible to receive a free iPhone 12, courtesy of MFS.
Throughout this case, we not only ensured the client completed before their deadline, but we also set up a new relationship with both the broker and their client. They have expressed that they very impressed with the level of service we provided, and we look forward to working with them in the future.
Further reading:
- Featured Product: Foreign Nationals & Overseas Bridging Loans
- Explainer Video: Overseas Bridging Loans
- Tool: Bridging Loan Calculator
- Blog: 17 Questions buy-to-let landlords should ask themselves as rental demand rises
- Blog: 21 Reasons to invest in real estate
- Press Release: MFS extends its iPhone 12 giveaway for brokers and borrowers
