MFS

MFS offers £6.3m loan for West Sussex country estate



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MFS has completed a £6.3m bridging loan for a large 17-bedroom country estate in West Sussex, set in a large plot of land which includes multiple outbuildings.

The funding was used to refinance the existing first and second-charge loans arranged for this property, as well as to fund the conversion of the outbuildings into holiday lets and the main manor house into multiple residential dwellings, both of which have planning permission.

MFS had to find a valuer with the skill to handle the case, given the nature of the estate and the multiple properties on it, particularly the holiday lets.

Once the right valuer was selected and the valuation report was received, MFS was able to complete the £6.3m at 67% LTV. 

MFS was also able to lend against the open market value, ensuring the client received the best value for their asset.

Paresh Raja, CEO at MFS (pictured above), 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. 

“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.”

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