Lending to value, W13
A client had 10 days to complete a purchase of an investment property which he had agreed to buy off-plan in 2012 for £255,000. He had been served a Notice to Complete by the developer and risked forfeiting a £50,000 deposit.
MT Finance solution
With 7 days remaining until the notice expired, MT Finance was able to provide a £200,000 short-term loan, based on an open market value of £310,000, with no exit fee or early redemption penalty.
The client was able to complete on the purchase of the investment property, whilst benefiting from the increase in value between the purchase price and the current market value.