Client circumstances:
Our client, a self-employed professional in the creative industry needed a bridging loan to refinance an existing charge for a security property they had been living in for the past 18 years. The property, currently a single residence, is a substantial historic accommodation spanning just under 9 acres featuring a 3-storey detached property, with 5 bedrooms and 5 bathrooms, 6 reception rooms, multiple specialised spaces including a library, billiards room, conservatory, recreation room, indoor swimming pool, sauna, gym, and an additional 2-bedroom apartment with stables, paddocks, and a 5,000 sq. ft barn.
MT Finance solution:
With the client facing the threat of a repossession, they urgently needed a quick solution to avoid their loan going into default and their property being repossessed. MT Finance was able to provide a bridging loan of £1,730,187.81 at 57% loan-to-value (LTV) of the property’s open market value (OMV) of £3,000,000. The term was set for twelve months.
The benefits:
Thanks to our fuss-free and flexible approach, we provided the client with the funds they needed to save their property from being repossessed. They plan to downsize and sell, and now have 12 months to complete the sale allowing them to exit out of our bridging loan. If this happens before the end of their term, then they won’t face any early repayment charges or exit fees.
Find out more:
If your client is in urgent need of a regulated bridging loan, then we are here to help. Our regulated loans are suitable for a variety of purposes, including refinancing a first charge, funding below market value purchases, preventing a chain break and unlocking equity, our products are designed to be fast, flexible and versatile. Get in touch to find out more.