The security property consists of a two-storey commercial unit in Middlesex with an anticipated market value of £1.8m and an existing first charge of £850,000, yet to be redeemed.
MFS was able to issue terms within a few hours of the client’s approach as it strongly believed the property would meet its anticipated value.
The loan was provided using in-house funding at 72% LTV over 12 months with no exit fees.
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This enabled to the client to discharge their existing lender and have enough funds left over to refurbish an existing investment property.
“[This was] an exciting case to complete within a deadline,” said Tiba Raja of MFS.
“As well as our due diligence, MFS worked closely with the original lender and client to ensure a stress-free process of transition, as well as providing additional funds so that the client could complete the project with a solid exit strategy.
“Thinking outside the tick box and understanding the client’s status is very important to MFS.”