The client approached MFS for help in acquiring a property complete with just under 100 acres of landscaped gardens, a swimming pool and a tennis court.
The market value of the property was £5.5m.
An urgent completion was required as the borrower had been offered a slightly discounted price from the seller in return for a quick transaction.
- MFS funds pub acquisition for residential conversion
- MFS relocates after doubling team
- MFS rescues client with £3.3m loan
The borrower hoped to exit the bridge through a long-term refinance with another lender and had already secured an ‘intent to lend’ letter in anticipation of this.
MFS was happy to lend as the nature of the property and a low loan-to-value made it a low risk deal.
The firm instructed its valuation and legal teams simultaneously with the borrower’s solicitors on standby, enabling the funds to be drawn down well before the deadline.
Leave a comment