Uninhabitable property purchase, N10
MT finance was approached by a developer focussed on an investment property worth £330,000 in London that had a good letting potential. He wanted to buy, refurbish it, and then rent it out but was unable to get a buy-to-let mortgage as the property was uninhabitable.
MT Finance solution
MT Finance provided a £214,500 bridging loan within a week, at 65% loan-to-value, over a 12 month period with no exit fee or early redemption penalty. No personal guarantees were required.
Our short-term loan gave him the funds to buy the investment property and the time needed to carry out the works in order to significantly increase the value of the investment property. The client will then refinance out of the loan with a long term buy-to-let mortgage from a bank, against the higher value.