Gross Loan Amount:
£115,000
Property Value:
£300,000
LTV:
42%
Initial Circumstances
One of our existing brokers came to us with a client who was developing a residential property in Kent, where the work was left incomplete due to a funding shortage. They were looking for a small loan to cover the remaining works.
MFS Solution
The borrower was having issues with other first charge lenders due to the development work being incomplete, despite the practical completion being already signed off.
The borrower was an experienced developer who needed a loan with a low LTV rate of 42% and with the major works already being completed, we were able to deploy funds quickly in order to allow the client to complete his project in full.
The Benefits
Funds were deployed simply and efficiently, with the bridging loan completed within two weeks.
As there was no initial press for time, the broker was left incredibly satisfied with the quick distribution of the loan, in order to get the property finalised for his client.
Further reading:
- Featured Product: Residential & Buy-to-Let Bridging Loan
- Explainer Video: Buy-to-Let 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?
