MFS completes £17.64 million bridging loan
Mayfair-based bridging lender Market Financial Solutions (MFS) has completed its largest bridging deal to date, issuing a £17.64 million loan.
The multi-million-pound loan was used to support an LLP’s acquisition of a portfolio of properties in central London. Collectively, the property portfolio had a market value of £27,147,000.
To ensure the loan was arranged without delay, MFS instructed valuers to complete a report on the property portfolio within days of receiving the enquiry. Once the valuation was completed, MFS’ team of underwriters worked quickly, ensuring the client was able to receive the loan within a short timeframe. It was agreed that the exit to the first charge loan would come through a long-term refinancing plan.
While MFS specialises in the delivery of bridging loans from £100,000 to £10 million, its immediate access to in-house funds, coupled with increasing demand for its bespoke specialist finance products has resulted in the lender servicing the upper-end of the market.
Paresh Raja, pictured, CEO of MFS, said:
“The final outcome of Brexit may be uncertain, but investors are clearly seeking out new property investment opportunities, particularly here in London. The challenge they face is accessing the finance needed to complete on these purchases. High street banks have become increasingly risk-averse, and this has resulted in more investors turning to specialist lenders to meet their capital demands.
“This bridging loan marks a significant milestone for MFS, demonstrating our expertise in deploying large funds and handling complex cases. By being able to quickly deploy the necessary finance to our borrower, the case shows just why MFS is ideally placed to manage the needs of investors seeking large bridging loans to quickly complete on a property acquisition.”