Client’s circumstances: Client required £262,500 to redeem an existing 2nd and 3rd charge that were coming to the end of term, on his £750,000 property. The client was the owner of a construction company and with the remainder of the funds, wanted to invest into his business in order to take advantage of a £3m deal.
mtf solution: mtf provided a £262,500 second charge bridging loan, based on a loan to value of 63%. Interest was retained at 0.95% over a 12-month term, with no exit fees or early repayment charges. No personal guarantees were required.
The benefits: The client was able to redeem the charges and provide further investment into his company in order to capitalise on the £3m business opportunity.