Client circumstances:
Our client, an 86-year-old business owner in urgent need of a cash injection, needed to raise funds via their property portfolio. They had already started the process of selling a tranche of land with planning permission granted, expected to sell for £500,000. But time was of the essence, and that’s when their broker contacted us.
MT Finance solution:
Despite our maximum age limit of 85, we took a common-sense approach to the case of our 86-year-old client. After assessing their portfolio, we proposed lending against four of their unencumbered residential properties. We issued a 12-month bridging loan of £363,000 at a cumulative LTV of 56% based against an OMV of £650,000.
The benefits:
This was a great example of our commitment to providing common-sense solutions to our clients. By manually underwriting the case, we helped our client out of a tricky situation, and they were able to quickly secure the finances they needed to keep business operations going. What’s more, if either the sale of their land or security properties takes place within 12 months, they will be able to repay the loan early without any early repayment charges or exit fees.