When an existing broker introduced his investor client to MFS, it was clear that speed was going to play a huge factor in whether this deal would go ahead. His client was in the process of purchasing two properties for investment purposes, that had a combined value of £2,300,000. Thanks to their fantastic London locations, the properties were already generating a strong and healthy income.
Although having already put down a substantial deposit, due to issues with his traditional long term lender and a looming completion deadline, the investor ran a serious risk of missing out on the opportunity of adding two great properties to his existing property portfolio.
Understanding the speed and knowledge that would be needed to complete this deal on time meant MFS was the first point of call for this broker.
Within a four hour response time, the MFS Underwriting team had issued full terms for a Gross Loan Amount of £750,000 at 33% LTV, Competitive Rate and a Decision in Principle.
Due to working within such a tight deadline, MFS swiftly instructed a Valuer who they knew could value both properties at the same time and also one that could guarantee reports would be sent within 48 hours. With the additional support of our solicitors, MFS were able to meet the deadline and safeguard the investor from losing his deposit. The exit strategy was through long term refinancing.
Due to such a quick term around time, from inception to completion, the short term loan ensured the client was able to complete the acquisitions and not lose his deposit. The client was extremely relieved and very much pleased that MFS do not charge a penalty fee for early repayment, meaning they could redeem the loan as soon as the long term provider completes without being penalized.