Case Study: First charge re-bridge facility required to pay off existing lender
By Bridging Loan Directory -
First Charge Re-Bridge Facility Required to Pay Off Existing Lender on a Residential Investment Property in Central London with No Penalty for Early Repayment
Gross Loan Amount: £3,000,000
Market Value: £6,500,000
USP: Speed of completion and client being able to redeem without being penalised
An existing broker required a re-bridging facility for their client, to repay their existing bridging lender. The client required the bridging facility as there was a delay in selling the property, to achieve the maximum sale price. As the property was already marketed and generating strong interest, it made perfect sense to offer a new bridging facility for a further 12 months. This gave the client more time to secure a suitable buyer at the correct sale price and not under value.
Market Financial Solutions worked quickly and efficiently to ensure the client did not fall into default with their existing lender. The rates offered were much more competitive than the default rate, that would have been charged by their existing lender. MFS swiftly moved the matter forward by instructing Valuers and engaging the solicitors simultaneously.
The Client was also pleased with the fact that MFS charges no penalty for early repayment, which will then allow the client to redeem the loan as soon as their investment property is sold, without being penalised. They were able to complete within the deadline date. The exit was the sale of the property.
Paresh Raja, CEO, Market Financial Solutions said:
“With no penalty for early repayment when re bridging which means that the clients have the flexibility to move forward if things change and not be burdened with any additional financial costs”