Client’s circumstances: Client was looking to raise funds to start refurbishment works on his freehold block of three flats. He was unable to acquire further funds from his BTL mortgage lender as the size of his property’s basement did not conform with their lending requirements.
mtf solution: In just 14 days, mtf provided a £100,000 second charge bridging loan over the asset, at 35% LTV. Interest was serviced at 0.75% over a 12-month term, with no exit fees or ERCs. No personal guarantees were required.
The benefits: Our bridging loan gave the client the funds he needed to carry out the works in order to significantly increase the value of his investment property. He then sold the investment asset against the higher value, enabling him to repay the bridging loan and enjoy a substantial profit.