The clients had committed to purchasing the assets however, with completion looming, were uncertain their initial lender could complete on time.
Working with the brokerage arm of The Harrogate Group, MS Lending Group provided the one-year facility at 65% LTV by using two existing valuation reports, enabling the client to move forward with their onward purchases.
With the loan completed on the 31st August, the client intends to exit the facility by refinancing their portfolio.
Faisal Arif, CEO at The Harrogate Group, said: "Our brief was to source funding quickly.
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“We were able to deliver this inside a month, thanks to our collaboration with MS Lending Group, who acted swiftly and professionally."
Michael Stratton, CEO and founder of MS Lending Group (pictured above), added: "For a loan of such substantial size, not many lenders would have been able to accept a re-type of two previous valuation reports.
“With our knowledge, understanding and experience we are able to say yes to the quirkier deals and find a way to get comfortable.
“We pride ourselves on always listening to our clients' needs and not having fixed parameters which create a barrier to lending.”
This deal rounds off a successful 2023 so far for MS Lending Group, lending over £53m so far and aiming for a further £30m before the end of the year.
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