This sum was boosted by three large cases during November, including bridging finance for a pub conversion in north London.
MFS lent £1.1m with an LTV of less than 70% for the purchase of a public house, cellar and three residential flats arranged over the first and second floors.
The borrower – a longstanding client of MFS – intended to convert the entire property into residential and had already launched an exit strategy of long-term refinancing.
Paresh Raja, CEO of MFS, said: “MFS are receiving very interesting cases from all areas.
- Over one million HNW individuals unable to secure credit
- MFS supports cancer charity's annual ball
- MFS hires new underwriter
“We are pleased that by having our own in-house funds we are able to turn around and complete the deals quickly, thereby managing the growing demand for complex and urgent cases.”
Another deal saw MFS provide £1.4m to acquire a 36-bed care home for conversion into flats.
Funding was placed quickly at an LTV of approximately 70%, while the exit strategy came through long-term refinancing with a banking institution.
MFS also provided a £1.85m bridge for the acquisition of a £2.7m property in Barnet.
The detached house was purchased through refinancing of another loan on a different property.
The client planned to exit the loan with the potential sale of another property.
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