2nd charge refurbishment, SE21
client’s circumstances
The client was looking to raise funds to start refurbishment works on his freehold block of three flats. He was unable to acquire further funds from his buy-to-let mortgage lender as the size of his propertyā€™s basement did not conform with their lending requirements.
MT Finance solution
In just 14 days, we provided a Ā£100,000 second charge bridging loan over the asset, at 35% LTV. Interest was serviced at 0.75% over a 12-month term, with no exit fees or ERCs. No personal guarantees were required.
the benefits
Our short-term loan gave the client the funds he needed to carry out the works in order to significantly increase the value of his investment property. He then sold the investment asset against the higher value, enabling him to repay the loan and enjoy a substantial profit.
