MFS completes £6.3m bridging loan
Market Financial Solutions (MFS) has completed a £6.3m bridging loan at an loan-to-value (LTV) of 67% on a 17-bedroom country estate in West Sussex.
The client has planning permission to convert the estate’s outbuildings into holiday lets, intending to separate the main manor house into multiple residential dwellings to maximise their potential yield.
Upon receiving the valuation report, MFS was able to raise the funds needed to clear the finance currently secured to the property.
MFS was also able to raise the requested additional finance to allow the client to convert the main manor house into multiple residential dwellings.
Paresh Raja, chief executive of MFS, said: “This case presented several challenges, most notably finding the right valuer.
“There are not many that could confidently value an array of different properties, some with different uses, across one rural estate.
“But crucially, MFS has an extensive network of valuers we partner with, so we were able to select one with the skill and experience to provide a comprehensive report, which in turn allowed us to act with speed and confidence.
“Ultimately, this case underlines the flexibility of our bridging loans – we do not apply a rigid tick-box methodology when assessing an enquiry, but instead are able to understand the full picture.
“Here, we took into consideration the client’s vast experience as a property investor, as well as the different pieces that made up the asset in question.
“This meant we could deliver a large loan that met the client’s exact needs, and I’m delighted with the performance of the MFS underwriters throughout.”