Case Study: First charge re-bridge to pay off existing lender

Gross Loan Amount: £925,000

Market Value: £1,300,000

A new client required a re-bridging facility to pay off their existing Bridging lender. The client required the bridging facility as there was a delay in selling another one of the clients assets. As the property was already marketed and generating strong interest, there was a strong case to offer a new bridging facility for another 12 months. MFS 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 being charged by their existing lender. The client was also pleased with the fact that MFS charges no penalty for early repayment, which permits the client to redeem the loan as soon as their investment property is sold without being penalised.

Paresh Raja, pictured, CEO, Market Financial Solutions said

“The whole idea of Bridging is to provide it when there is a need and not to penalise the borrower in any way. Bridging can help businesses both to flourish and grow and this is how MFS approaches all its clients including releasing the borrower from their default rates”.

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