Receivership averted with lender's 24 hour offer

Receivership averted with lender's 24 hour offer


An award-winning short term finance lender has offered a helping hand to save a developer from receivership, completing a loan on the eve of the Christmas break.

The loan, which was issued by MT Finance, totalled £470,200. It was introduced by a member of the NACFB, St. Albans-based brokerage firm Optima Commercial Funding. The loan was secured by a first charge on three freehold properties located in Chertsey, Surrey.

The experienced developer had been placed into administration by the existing mortgage lender after completion of the project was delayed due to issues with the local planning office. MT Finance supplied the funding required to redeem the existing mortgage charge, taking the developer out of receivership, and providing the time required to sell the now completed units.

Commenting on the deal, Gary Walsh of Optima Commercial Funding said: “The deal was both tricky and urgent and MT produced an offer in principal within 24 hours of submission of the application and, more importantly, delivered the terms of the offer in a timely and professional manner.”

Tomer Aboody, a Director of MT Finance and Head of Business Development, added: “This case is a great example of our approach to common-sense lending and our commitment to industry leading customer service.

“The loan will allow this developer to rightly retain control over the sale process of this project. We worked all the way through to Christmas and were delighted to close this in time, ensuring a good holiday period for the client.”

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