second charge loan redemption, N13
client circumstances
Our client was in the process of selling his property that had an existing second charge loan that was due for redemption in just 15 days, but the process was taking longer than expected. The client was feeling the pressure and urgently required £185,500 to redeem his existing 2nd charge loan that he had used to invest into his business.
MT Finance solution
On receipt of the enquiry we were able to give an immediate decision, and issued the loan offer that day. Our team then worked around the clock, instructing the valuation and solicitors simultaneously, and in just 10 working days we provided a £185,500 second charge bridging loan at 65% LTV. The interest was fully retained at 0.89%, over a 12-month term.
the benefits
The client was able to redeem his existing second charge loan within the 15-day deadline, and the 12-month term gave him plenty of time to sell his security and repay our bridging loan.
