MTF recently completed a bridging loan for a borrower who worked as a television producer and was looking to raise £247,000 to start a new television show.
The client attempted to borrow against a buy-to-let property he owned, valued at £2.75 million, which had an existing first charge mortgage of £1.3 million.
However, his existing mortgage lender was unable to provide additional funding against the property in the timeframe required.
Due to time sensitivity, the client’s broker contacted us straight away and in just nine days MTF was able to secure a second charge, 12-month loan on the property, at 56% LTV.
The client was able to invest in his new business venture and the 12 month term gave him plenty of time to repay the loan.