Gross Loan Amount:
£485,000
Property Value:
£650,000
Charge:
1st Charge
Initial Circumstances
A broker got in touch with us who had a two clients (married couple) looking to purchase their first investment buy to let property. Interestingly, before coming to us the borrowers had missed out on another BTL property as their mortgage offer took too long.
MFS Solution
After the borrowers lost out they changed tactics and decided to use bridging finance and essentially become cash buyers. This allowed them to look at a property that needed modernisation as not all BTL lenders will allow you to buy properties that need renovating. Here at MFS, we examine each case on its merits, in order to offer a tailored, bespoke loan solution.
The Benefits
This clients already having terms from us were able to have their offer accepted and within a few weeks (even with the seller being in Australia and getting documents couriered during a global pandemic) we completed the transaction.
The borrower was ecstatic.
Further reading:
- Featured Product: Residential & Buy-to-Let Bridging Loan
- Explainer Video: Buy-to-Let Bridging Loans
- Tool: Bridging Loan Calculator
- Guide: Guide to Buy-to-Let
- Blog: 17 Questions buy-to-let landlords should ask themselves as rental demand rises
- Blog: The benefits of buy-to-let: what investors need to know and is BTL still worth it?
