MS Lending Group completes £5.4m deal in less than four weeks from enquiry
By David Craik
MS Lending Group has stepped in to complete a £5.4million property deal against the clock as it looks to a strong last quarter of 2023.
The North West based lender worked with the brokerage arm of The Harrogate Group – which provides finance solutions for the real estate sector – and originated and advised on the deal.
Its client was seeking to raise capital across 14 unencumbered properties in order to buy more to bolster their portfolio.
Harrogate Group’s client had committed to purchasing the assets but with completion looming they were uncertain that their initial lender could complete on time.
MS Lending Group however was able to use two existing valuation reports which enabled the client to move quickly and forward with their onward purchases.
Completing on 31 August the deal saved the client both time, and thousands of pounds in new valuation fees.
This deal was also valuable for MS Lending Group helping continue a strong 2023 to date, lending over £53m with sights on a further £30m before the end of the year.
Faisal Arif, chief executive officer of The Harrogate Group, said:
“Our brief was to source funding quickly so our client, who has a substantial existing portfolio, could acquire a £14m residential and commercial property portfolio in Birmingham and the West Midlands.
We were able to deliver this inside a month, thanks to our collaboration with MS Lending Group, who acted swiftly and professionally.”
Michael Stratton, CEO, and founder of MS Lending Group, said:
“For a loan of such substantial size, not many lenders would have been able to accept a re type of two previous valuation reports.
However, with our knowledge, understanding and experience we are able as a lender to say yes to the quirkier deals and find a way to get comfortable.
Our relationship manager, Amer, showed huge insatiability, understanding what the client and broker needed to achieve.
At MS Lending Group we pride ourselves on always listening to our clients’ needs, and not having fixed parameters which create a barrier to lending.”