MT Finance complete million pound loan within 72 hours
The loan totaling £999,000.00 was introduced by SPF Private Clients, a London-based leading UK financial services intermediary, and was secured by a first charge on a large investment property in London held by a SPV.
The Company borrower had been placed under considerable pressure by the existing mortgagees to redeem after they had decided to call in the loan early. This threatened to deny the borrower the opportunity and time to sell the property, having finished the renovation works, in a non-distressed context. A previous application to another funder had resulted in delay and thus SPF turned to MT Finance to deliver quickly.
Andre Bartlett of SPF Private Clients commented:
“MT Finance acted with exceptional speed and efficiency in order to get this deal done after the borrower had been let down by a private funder.”
“The transaction was approved, closed and the funds were released within 72 of acceptance of the offer.”
Tomer Aboody, Managing Director of MT Finance, commented:
“It was clear from the outset that the borrower was being put under pressure from an overzealous lender. The facts merited the borrower being given the additional time to sell the property at its highest possible value.”