Redeeming 2nd & 3rd charge, WD5
Client required £262,500 to redeem an existing 2nd and 3rd charge that were coming to the end of term, on his £750,000 property. The client was the owner of a construction company and with the remainder of the funds, wanted to invest into his business in order to take advantage of a £3m deal.
MT Finance solution
In just over a week, we provided a £262,500 second charge loan, based on a loan to value of 63%. Interest was retained at 0.89% over a 12-month term, with no exit fees or early repayment charges. No personal guarantees were required.
The client was able to redeem the charges and provide further investment into his company in order to capitalise on the £3m business opportunity.