MFS funds pub acquisition for residential conversion
By Alex LynnMarket Financial Solutions (MFS) has funded the acquisition of a shutdown pub in Oxford for a developer hoping to complete a residential conversion
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The firm provided a £350,000 bridge for a regular high-net-worth client who intended to seek planning permission to convert the pub into two residential houses.
Prior to securing the loan, the borrower had received a positive response from both the council and in comments made in the surveyor’s valuation report.
The borrower intended to exit the bridge via development finance once planning permission had been granted.
Once the valuation report had been secured, MFS instructed the lawyers to complete the transaction within a week of instructing the valuer.
The borrower expressed his satisfaction with the quality of service repeatedly provided by MFS.
Earlier this year, MFS celebrated lending £13m across eight projects during March.
This news came ahead of a £3.3m bridge, which allowed a client to redeem an existing lender.
Last month, Bridging & Commercial caught up with Paresh Raja, CEO of MFS, to learn more about the business and discuss the current state of the bridging sector.
Keywords: Market Financial Solutions, MFS, pub, residential, conversion, bridging loan, high net worth, housing, borrower, surveyor, valuation, development finance