The loan has allowed a borrower to complete on a share purchase for a new business, which includes a development site, and to restructure existing finance.
Mortgage broker Mesa Financial was approached by the client’s accountant with the task of raising finance across its property portfolio.
This included a commercial property which has a first-charge loan and several BTL properties with second-charge loans on them.
The client’s existing commercial lender had a competitive interest rate, which put the client off refinancing its first-charge commercial debt.
The broker needed a lender which could act quickly as contracts had already been exchanged for the share purchase, and an appetite for high-value, second-charge bridging loans on commercial property.
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James McGregor, director at Mesa Financial, said: “Given the transient times we are operating in, with lenders reviewing criteria, the changes in the property valuation market and operational efficiency regarding completion of transactions, lenders are being more wary around funding deals.
“While this is understandable, clients still require access to various financing solutions, and it is refreshing to deal with lenders, such as MFS, wanting to honour deals they underwrite.
“Cases like this underline the strength attached in relationships between specialist intermediaries and their funding partners.
“This is a great example in the value of relationships that, even in these unprecedented times, we can all still work together to get deals done to meet the client’s expectations.”
Paresh Raja, CEO at Market Financial Solutions (pictured above), added: “MFS has not let the challenges posed by Covid-19 restrict those in need of finance to complete on a transaction, no matter how complex a case maybe.
“We’re proud to be working alongside the team at Mesa Financial to ensure their clients have access to first- and second-charge bridging loans for both residential and commercial properties.”