First charge purchase completed in three days, B11
Client circumstances:
Our client was a landlord who had found a great investment opportunity to purchase a residential property off-market. Keen not to miss out, they urgently needed a short-term fix to raise £126,000. Knowing our ability to move at pace, their broker reached out to our bridging team.
MT Finance solution:
Considering the urgency of the situation, we assessed the application to find out if it met our criteria for an AVM. It did and the AVM was carried out the day after we received the initial enquiry. The valuation was received within seconds. The case was handed over to our underwriting team the same day. The client’s solicitor confirmed they were in funds the following day, allowing our underwriters to proceed with the legal checks. The following day we issued the security documentation for a first charge bridging loan of £126,000 at 60% LTV of the property’s OMV of £210,000. The term was set for 12 months.
The benefits:
By moving quickly, we managed to complete and provided the client with the funds they needed only three days after their enquiry was submitted. The client can now continue with the purchase of the property, which they are planning on renting out thus expanding their portfolio. The client plans to repay the loan by exiting onto a long-term buy-to-let mortgage. If this happens before the end of their term, they will not have to worry about any early repayment charges or exit fees.
Find out more:
Do you need urgent funds to purchase an investment property? Then, we may be able to help. Known for our speed, further time can be saved with an AVM. Available for qualifying cases, AVMs can be used on standard residential bridging property applications up to a maximum LTV of 60%, a maximum value of £750,000 and a maximum loan size of £450,000. Get in touch with us today to find out more.
