Gross Loan Amount:
£590,000
Property Value:
£790,000
LTV:
75%
Initial Circumstances
An existing broker approached us regarding an offshore client who resides in China. They had bought a new build property and needed to complete on their deadline.
They were struggling in getting a mortgage and had not anticipated that it would take such a long time. A bridging loan was to give the necessary breathing space.
MFS Solutions
Our dedicated underwriter made sure that we instructed a valuer to process the valuation report with a 48hour turn around. Within the underwriting process, we instructed our solicitors to complete all necessary documents in 6 days.
Due to restrictions with COVID-19, the borrower needed to execute the documents via video call, with a witness present and a UK solicitor. The know-how and expertise allowed the deal to be completed seamlessly.
The Benefits
At MFS, flexibility is key. Our bespoke bridging service allowed the borrower to execute the documents via video call rather than face-to-face. In house funding and excellent panels of lawyers and valuers meant that the client did not lose their property but gain a beautiful apartment in 7 working days with very good competitive rates.
Exit would be long-term finance.
Further reading:
- Featured Product: Foreign Nationals & Overseas Bridging Loans
- Explainer Video: Overseas Bridging Loans
- Tool: Bridging Loan Calculator
- Report: The post-pandemic outlook of the UK commercial property market
- Blog: 17 Questions buy-to-let landlords should ask themselves as rental demand rises
- Blog: 21 Reasons to invest in real estate
