£2.5m to redeem a 2nd charge, GU15
Our client required £2.5 million to redeem an existing 2nd charge that was coming to the end of its term, on her £8.5m home. The client was part way through refurbishing her investment property but the project had been severely delayed. She didn’t want to remortgage as she intended to sell the investment property as soon as the refurbishment works on it were complete and didn’t want to be penalised for early repayment.
MT Finance solution
In just 12 days, MT Finance provided a £2.5 million second charge loan at 39% LTV, with no exit fees or early repayment charges. No personal guarantees were required.
Our short-term loan meant the client was able to redeem her existing second charge, giving her time to carry out the works and significantly increase the value of her investment property. The client will sell the investment asset to exit the bridging loan, against a higher value.