The first deal was a £700,000 first charge re-bridge facility at 47% LTV used to pay off an existing lender on a £1.5m commercial property in Northampton.
The client – an existing customer – had a mortgage product with a low LTV of under 50%, which encouraged MFS to offer a bridging facility for another 12 months.
The funding provided by MFS will give the client more time to secure a suitable buyer for the investment property.
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MFS also did not charge any early repayment fees for the deal, which ensured the client could redeem the loan as soon as their investment property was sold without being penalised.
In the second deal, MFS provided a £600,000 second charge bridging loan at 67% LTV for a residential property investment in Croydon, south London.
The existing client was in the process of selling a property with a market value of £2.3m, but was delayed.
MFS was able to issue terms within only a few hours of the client making contact.
Pictured above: Paresh Raja, CEO of MFS
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