Fast bridging loan overcomes planning delay
Market Financial Solutions (MFS) has arranged a £3 million bridging loan within three working days to refinance a manor house in Kent, UK.
The client in question had purchased this large property, which they were in the process of transforming into a number of apartments.
But when the planning application had been delayed by the council, the client needed to refinance the property to ensure they could fund the renovation works beyond the initial deadline.
The client was a seasoned property developer who had successfully delivered similar projects in the past. The £3 million bridging loan, which MFS delivered at 60% LTV in just three working days, will be paid off with development finance.
This is the latest in a series of notable deals MFS has successfully completed on since relocating to its new office in Mayfair, London. It also recently issued a £2.9 million commercial bridging loan to support the acquisition of a commercial office building in Surrey.
Paresh Raja, CEO of MFS, said:
“The property market is alive and kicking. As lockdown measures are slowly eased and with the stamp duty holiday extended, property investors and developers are clearly optimistic about the future.
For this reason, MFS has been inundated with enquiries from residential and commercial property developers seeking large loans for complex cases.
Importantly, we are seeing a lot of investment activity now taking place outside the capital.
This is a direct consequence of the COVID-19 lockdowns – businesses are now more willing to adopt flexible working practices, in turn compelling many people to relocate outside of London where the cost of living is more affordable or they can enjoy more spacious properties and greener surroundings.
MFS is prepared for this shift and is ready to take on cases both in and outside of London as the country transitions out of lockdown.”