MFS completes £4.5m bridging loan in four days
Bridging lender Market Financial Solutions (MFS) has completed a £4.5m bridging loan on a prime central London property located in Kensington in four days.
The property had a market value of £6m, meaning the bridging deal was delivered at a loan-to-value of 75%. The borrower was a high net worth investor who purchased the prime property to expand his existing real estate portfolio.
Paresh Raja, chief executive of MFS, said: “Fast access to finance is of huge importance for most HNWs looking to capitalise on highly sought-after property investment opportunities.
“This case highlights MFS’ ability to provide bespoke bridging loans with speed and diligence, ensuring clients get the support they need and do not miss out on a property.
“Amidst the political and economic uncertainty emanating from the on-going Brexit saga, we are speaking with many property investors who have experienced lenders pulling out of deals halfway through.
“But at MFS, yes means yes – thanks to the strength of our funding lines and the expertise of our growing team, we can handle even the most complicated enquiries and deliver tailored loans that meet the needs of each individual borrower.”
To ensure the loan was arranged without delay, MFS instructed a valuer to complete a report on the property the same day as receiving the enquiry.
The valuation report was returned the next day while fast-acting solicitors were engaged immediately, enabling the deal to be completed within just four days. It was agreed that the exit to the loan would come through a long-term refinancing plan.
In January the lender lowered its minimum loan limit, meaning it now delivers finance from £100,000 to £10m.
It has also secured another funding line with a global investment bank and has added two new BDMs to its team, joining the two BDMs appointed in late 2018.