2nd charge redemption & business injection, SW7
Clients required funds to redeem an existing 2nd charge loan secured over their home in Knightsbridge that had been used to invest into their business. The existing charge was coming to the end of its term and they urgently needed £753,000 to redeem the charge, with the remainder of the funds being injected into their business. The clients were already in the middle of the process with another bridging lender, but this was proving problematic and so the broker sought our help.
MT Finance solution:
We worked with the existing surveyor to obtain a re-type of the valuation and in just 7 days of receipt, we completed a £753,000 second charge bridging loan at 34% LTV, based on the open market value of £6.65 million. Interest was retained over 24 months, with no exit fees or early repayment charges.
The clients were able to redeem their existing second charge loan within the deadline and inject further funds into their highly profitable business. The client was able to continue with the sale of their property to exit the bridging loan.