MFS lent £1.5m to an existing client who required a bridging facility to discharge their existing lender and raise funds for further investments.
The security asset was in central London with a market value of over £2.5m.
The client required the bridging facility to pay off an outstanding balance of £1m with their existing lender.
Due to the client’s low LTV and attractive property location, MFS offered terms within hours.
MFS’s solicitors were instructed as soon as the valuation appointment was confirmed.
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The specialist lender’s second client required a £925,000 re-bridging facility to pay off their existing bridging lender on an investment property in central London and to mitigate a delay in the sale of assets.
The property was marketed at £1.3m and had generated strong interest.
MFS, therefore, saw a strong case to offer a new facility for 12 months.
MFS worked quickly and efficiently to ensure the client did not fall into default with their existing lender.
Paresh Raja, CEO of MFS (pictured above), said: “[The] whole idea of bridging is to provide it when there is a need and not to penalise the borrower in any way.
“Bridging can help businesses both to flourish and grow and this is how MFS approaches all its clients, including releasing the borrower from their default rates by looking at cases individually.”
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