MFS arranges £500,000 bridging loan during lockdown
Market Finance Solutions (MFS) has deployed a £500,000 bridging loan to help a client complete on a property transaction in South London, despite the lockdown restrictions.
The client, based in Italy, was in the final stages of a residential acquisition in South London and had to complete before the agreed deadline or risk the transaction falling through, resulting in the deposit and various fees being lost.
Having initially engaged with a mortgage provider, the logistical challenges posed by the COVID-19 restrictions meant the finance would not be ready in time.
MFS organised an immediate onsite valuation of the property, subject to social distancing guidelines.
The lender’s legal team was also able to arrange and complete the necessary documents to facilitate the loan.
The client’s property was valued at £715,000, and MFSA issued a £500,000 within less than a week of receiving the enquiry.
The borrower completed the purchase before the deadline.
Paresh Raja, CEO of MFS, said: “While many lenders are retreating from the market, MFS is here to ensure property buyers are able to complete on transactions.
“We have put into place a system to ensure the same high standard of service is delivered to our clients, regardless of the obstacles posed by COVID-19.
“As this case shows, we are one of only a few lenders that is still undertaking on-site valuations and are committed to delivering loans within days of receiving an application.
“With access to in-house credit lines and an experienced team on hand to address enquiries, MFS remains in a strong position to deliver bespoke bridging loans quickly.”