MFS completes £18.4m refurbishment bridging loan with Opes FP
Market Financial Solutions (MFS) has delivered an £18.4 million bridging loan to enable a client of Opes Financial Partners (Opes) to complete major refurbishment projects on a substantial prime London property portfolio.
MFS, a specialist lender, supported Opes, a prime-London mortgage brokerage, with an individual client requiring a refinance package.
The loan was to allow the borrower to repay an existing loan and then complete delayed works that were being carried out across multiple properties.
MFS’s underwriter promptly instructed valuations of the assets being refurbished. They were found to be an exceptional security in highly sought-after prime London locations.
The necessary checks on the borrower were completed and MFS presented the client with a large loan of £18.4 million, giving them time to complete the refurbishments, and then assess which of the concrete exit strategies they had available to them to pursue.
Zahira Fayyaz, regional sales manager at MFS, said:
“Most property investors will know all too well that refurbishment projects can often drag on due to unforeseen delays.
When there is an existing loan to be repaid, this becomes a serious issue, as was the case here.
Speed is crucial in situations like this. Working closely with Opes, we wasted no time in instructing valuations and carrying out all necessary due diligence.
It meant we could quickly present a plan to the client, allowing them to repay their existing loan and then complete the desired work, all while keeping multiple exit strategies on the table.”
Masood Rashid, director of Opes FP and a leading broker in prime London, commented:
“It was great working with the team at MFS to complete this transaction in good time. There were several obstacles to overcome.
Combining their specialist knowledge and open approach to lending we were able to provide our client with the outcome he wanted. Thanks to the MFS team.
Paresh Raja, MFS’s CEO, added:
“While highly sought after, prime London properties can present challenges, which can make refurbishment tricky. MFS’s knowledge of the prime London market was essential here.
Zahira, the underwriters, and the team at Opes, did a superb job in proactively seeking out solutions to any issues, with the outcome being the delivery of a fast and flexible bridging solution to the client.”