Client circumstances:
Our clients owned a four-bed terraced house via their limited company. They had used a bridging loan to purchase the property but this was now coming to an end and they urgently needed a long-term solution to avoid incurring any late payment charges. In addition to this, they were looking to raise capital to grow their property portfolio. Knowing that the clients had previously taken out bridging loans with MT Finance and had been impressed by our speed, service and delivery, their broker reached out to our buy-to-let team.MT Finance solution:
Our underwriters quickly got to work on the case and thanks to our strong relationships with external partners, we received the valuation the day after it took place. It was ready for pre-offer after only three working days with the offer issued the next day. Less than two weeks later we completed a buy-to-let mortgage of £727,500 at 75% loan-to-value of the property’s open market value of £970,000. The term was set for 33 years.The benefits:
Our ability to move at speed ensured that the clients redeemed their bridging loan in time without facing any late payment fees. They can now use the additional funds to purchase more properties, grow their portfolio and increase their income stream.
Find out more:
If you have a client facing similar circumstances then we would love to hear from you. The relationships we have forged across the industry allow us to move at speed while delivering the best possible outcome for the borrower. Drop us a line to find out more about our buy-to-let products.