Client’s circumstances: 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.
mtf solution: In just 11 days, mtf provided a £162,500 second charge bridging loan over their main residence, at 65% LTV. Interest was retained at 0.95% over a 6-month term, with no exit fees or early repayment charges.
The benefits: Our bridging 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.