Client circumstances:
A client had 10 days to complete a purchase of an investment property which he had agreed to buy off-plan in 2012 for £255,000. He had been served a Notice to Complete by the developer and risked forfeiting a £50,000 deposit.
MT Finance solution:
With 7 days remaining until the notice expired, MT Finance was able to provide a £200,000 short-term loan, based on an open market value of £310,000, with no exit fee or early redemption penalty.
The benefits:
The client was able to complete on the purchase of the investment property, whilst benefiting from the increase in value between the purchase price and the current market value.