Client circumstances:
Clients held a large portfolio of 15 residential investment properties in the Greater London area. The clients wanted to go to auction to acquire further assets at significant discounts and wished to leverage further equity from their portfolio as a pre-purchase facility. Clients were referred to MT Finance as their mortgage lender would not have been able to provide the funds in the required time-frame.
MT Finance solution:
We provided £600,000 secured by way of 2nd charge over 8 of the properties in their portfolio at 65% LTV, based on the open market value of the assets.
The benefits:
Our clients could go into auction and bid with confidence, being in the position of a cash buyer having already arranged adequate finances to complete the purchase. They will refinance the property with a buy-to-let mortgage to exit the loan.