Client circumstances:
Our client had previously taken out a bridging loan with MT Finance to fund a refurbishment of their residential rental property. With the works complete and the bridging loan coming to the end of its term, the clients needed to secure longer-term finance. Having been pleased with the service they received on their first loan, they instructed their broker to contact our buy-to-let team.
MT Finance solution:
As our unregulated team had issued the initial bridging loan, we were already aware of the case and its particulars. This saved a lot of time in terms of collating the background details and ensuring we were comfortable lending on this property.
With our buy-to-let receiving the case on 31st January, it was ready for pre-offer on 2nd February. The valuation was instructed the following week and booked for 10th February. As soon as we received the completed valuation, the offer was sent the next working day. We received the certificate of title just over two weeks later on 22nd March. This enabled our buy-to-let team to issue a mortgage of £179,600 on 24th March. The loan-to-value was 69% of the open market value (£260,000) and the term was set for 35 years.
The benefits:
Thanks to the collaboration between our teams and all stakeholders, we were able to issue a buy-to-let mortgage in less than eight weeks and before the end of their bridging loan term. This helped to facilitate a smooth transition from one loan to the other.