MFS completes sweep of big ticket deals

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.

“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.