Client circumstances:
Our clients were looking to raise funds to complete refurbishment works on two properties in their portfolio. They were unable to get a mortgage from a mainstream lender as the properties weren’t lettable in their current condition.
MT Finance solution:
In just 11 days, we provided a £162,500 second charge loan over their main residence, at 65% LTV, with no exit fees or early repayment charges.
The benefits:
Our short-term loan gave the clients funds they needed to carry out the works in order to significantly increase the value of the investment properties. They then refinanced the properties with a long term buy-to-let mortgage from a bank to exit the bridge against a higher value.