Gross Loan Amount:
£500,000
Property Value:
£1,500,000
LTV:
33%
Initial Circumstance
An existing broker introduced a client who urgently required funds to complete the works on an investment property. However, the works took longer than anticipated. The client needed the funds to finish the fittings and to modernise a second property within the property portfolio.
MFS Solution
To ensure Market Financial Solutions was able to meet the client’s deadline we ensured a valuer from our panel of surveyors was able to value the property the next day with the report to follow 48 hours later. With the additional support of our solicitors, we were able to meet the client’s deadline. The exit strategy was through long term refinancing once the works were complete.
The Benefits
The works were completed on time without the added extra pressure of penalty payments. The bridging loan was issued and the client was able to enhance the value of their property, then rent it out and save money in the long run.
Further reading:
- Featured Product: Permitted & Light Development Bridging Loans
- Tool: Bridging Loan Calculator
- Guide: A Guide to conversion, refurbishment and renovation
- Blog: How much will you spend on property renovation costs and is it possible to lower the bill?
- Blog: The benefits of buy-to-let and is BTL still worth it?
