Mortgage broker Mesa Financial Consultants LTD (Mesa Financial) and Market Financial Solutions (MFS) have worked to complete a £1.2M bridging loan. The 2nd charge commercial bridging loan has allowed a borrower to complete on a share purchase for a new business, which includes a development site, as well as restructure existing finance.
Mesa Financial was approached by the client’s accountant with the task of raising finance across the client’s property portfolio. This encompassed a commercial property which has a 1st charge loan, and a number of buy-to-lets with 2nd charge loans on them as well.
The existing commercial lender is on an extremely competitive interest rate, meaning the client was unwilling to refinance their 1st charge commercial debt.
Contracts had been exchanged for the share purchase and the client needed to move quickly.
Mesa Financial needed a lender who could act at pace but more importantly have appetite for a high value 2nd charge bridge on a commercial property alongside charges over buy-to-let properties. Having worked with MFS previously they were the first port of call to prevent a situation where the client could lose any money they had already invested.
James McGregor, Director, Mesa Financial, said:
“Given the transient times we are operating in, with lenders reviewing criteria, the changes in the property valuation market and operational efficiency regarding completion of transactions, lenders are being more wary around funding deals. Whilst this is understandable, clients still require access to various financing solutions, and it is refreshing to deal with lenders such as MFS wanting to honour deals they underwrite.
Cases like this underline the strength attached in relationships between specialist intermediaries and their funding partners. Due to the complexities in this case it was key for Kevin Duffin to bring all parties together to get this one over the line and he did an amazing job to get this to completion. This is a great example in the value of relationships that even in the unprecedented times, we can all still work together to get deals done to meet the client’s expectations.”
Paresh Raja, pictured, CEO, Market Financial Solutions, said:
“MFS has not let the challenges posed by COVID-19 restrict those in need of finance to complete on a transaction, no matter how complex a case maybe. We’re proud to be working alongside the team at Mesa Financial to ensure their clients have access to 1st and 2nd charge bridging loans for both residential and commercial properties.”