Client circumstances:
We were approached by a client who wanted to add value to their buy-to-let property before they put it on the market. The required capital was to finance the conversion of an existing one bedroom flat into a two-bed, and to create a two-storey extension at the rear of the property to make a further two flats.
MT Finance solution:
Within ten working days of our offer, we were able to provide our client with the financing they needed to get the works done. At an LTV of 65%, the £239,000 loan was issued on a 15-month term with interest retained at 0.95%.
The benefits:
Once our client received the funds, they were able to carry out the required conversion work, in order to secure a sell-on price at a higher value to exit the loan. Upon exiting the loan ahead of the 15-month agreed term, the client would not be charged any exit fees or early repayment charges.