Does your client face property repossession?
MTF is able to offer bridging finance loans on complex deals, moving quickly and thinking outside of the box to provide financial solutions to borrowers in need.
While MTF receives a large of volume of straightforward bridging finance applications every day and funds a big portion of these deals, it also takes great pride in the ability to assist brokers and borrowers on more complicated transactions.
MTF was recently approached by a broker to help his client who was looking to raise £839,000. The loan was needed to redeem an existing charge with a bridging lender and to complete renovations to an investment property in Battersea, which had an open market value of £1.3 million.
The investment property had recently been refurbished and a rear extension had been added. Unfortunately the rear extension breached the planning permission nominally and the local authority insisted it was rectified immediately. In light of the planning breach, the borrower was unable to get a mortgage on the property leaving him unable to pay off the existing bridging lender.
As a consequence, the bridging lender appointed a Law of Property Act (LPA). The client was faced with an extremely strict deadline which, if missed, would result in his property being sold at auction.
MTF looked at the breach, considered the cost and was able to provide an £839,000 loan at 65% LTV at open market value, in order to discharge the LPA receiver and save the property from being sold at auction.
In just a matter of days, the client was able to redeem the existing bridging loan and regain control of his asset. With the funds provided by MTF he also had the time and space needed to rectify the work on his investment property and find a mortgage at the right level.
The bridging finance market is competitive but MTF stands out, distinguishing itself as a lender by offering a high quality of service and a truly flexible approach.