The client – who was introduced by an existing broker of the bridging lender – required the loan to achieve the maximum sale price on a residential investment property after facing a delay in the sale.
The central London-based property – which had a market value of £6.5m – was already marketed and generating strong interest.
MFS was able to offer a £3m re-bridge facility for a further 12 months at 46% LTV, with the offered rate being much more competitive than the default rate that could have been charged by the existing lender.
- MFS completes £2m second charge bridge
- MFS completes two bridging deals totalling £1.3m
- MFS completes two 10-day bridging loans
As MFS did not charge a penalty for early repayment, the client can redeem the loan as soon as their investment property is sold.
“No penalty for early repayment when re-bridging [means] that the clients have the flexibility to move forward if things change and not be burdened with any additional financial costs,” a spokesperson for MFS stated.
MFS recently completed a £2m second charge bridge to help a client clear an outstanding debt against a property and funded two bridging deals totalling £1.3m in early December.
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