purchase business premises, M1
MT finance was approached by applicants looking for £649,000 to purchase their business premises. The clients had been given a good deal by their vendor, but needed to act very quickly. With only three weeks to complete the purchase, the borrowers approached MT Finance, as their mortgage provider was unable to complete within the tight timescale.
MT Finance solution
In just 2 weeks, MT Finance provided a £649,000 short-term loan, secured by way of second charge, over the clients’ residential property. No personal guarantees were required.
By taking out a bridging loan, the clients had the funds to complete the purchase of the premises, where they had operated their business from for over 25 years.