Gross Loan Amount:
£2,000,000
Property Value:
£3,250,000
Charge:
1st Charge
Initial Circumstances
The client came to us directly to help complete a property acquisition when the long-term lender was taking too long to put a finance solution in place.
MFS Solution
To get the acquisition done we simultaneously instructed the onsite valuer (whilst taking into consideration the social distancing guidelines from the Government during Covid-19) and the lawyer. Due to our good relationship with our valuer, they were able to get the report to us within 48 hours.
The Benefits
We were able to complete the bridging loan within 5 days, allowing our client to complete the property acquisition, not lose their deposit, and simply pay off their loan with the traditional long-term finance when that is processed.
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: What is a bridging loan and how does it work?
- Blog: Are bridging loans expensive?
