Urgent loan to redeem existing charge and finance home improvements, PE28

Client circumstances:

Our team was approached by a broker representing a separated couple going through an amicable divorce. They urgently needed a loan to redeem an existing charge and prevent repossession of their four-bedroom semi-detached house. However, due to a few missed mortgage repayments, and a couple of CCJs, they had limited options from traditional high street banks and other lenders.

MT Finance solution:

Recognising the complexity of their situation, our underwriter took a careful, personalised approach. Following thorough discussions and comprehensive checks, we instructed valuation using AVM to quickly assess the property value which provided instant results thus significantly speeding up the process. We then issued a regulated bridging loan of £86,794.72, at 30% LTV of the property’s OMV of £475,000 with a term of 12 months.

The benefits:

By moving quickly and taking a human approach to reviewing the case, we were able to provide the clients with the funds they needed to avoid repossession of the property and complete the improvements. They have bought themselves extra time to sell at the highest price possible and plan to exit the bridging loan by selling the property which is currently on the market and have received an offer.

Find out more:

Do you have a client with complicated circumstances and impaired credit? We may be able to help. Our ability to review complex cases and move at speed ensures swift lending decisions for your clients, usually within hours of an enquiry. Get in touch with us to find out more.