Client’s circumstances: An applicant of an investment property in Henley-on-Thames was in the eleventh month of a 12-month bridging loan, but delays to refurbishments meant he was unable to complete works before the bridge loan matured.
MTF solution: MTF assessed the case and based on its merits, provided the applicant with a £394,000 bridging loan to refinance his existing bridge, secured by way of a first charge.
The benefits: The bridging loan with MTF provided the borrower with the time and space needed to finish the project and sell it at a substantial profit.
A number of borrowers often seek a bridge loan in order to refinance an existing bridge loan. Whether it is a development which has stalled due to insufficient cash flow and requires additional funds to complete or an applicant who has been let down at the last minute by another lender and requires finance immediately, MTF enjoys being given the opportunity to perform and provide a solution.