Paresh Raja

MFS completes £2m second charge bridge

Market Financial Solutions (MFS) has completed a £2m second charge bridging loan to help a client clear an outstanding debt against a property.

The specialist lender was approached by a new broker who required short-term funding for a client looking to discharge the outstanding debt against a central London property valued at £8.5m.

The client had already sourced an indicative offer from a long-term refinance lender, which meant MFS was satisfied to fund the client and meet their needs.

The lender instructed a valuation of the property on the same day, with the valuation report filed 48 hours later.

MFS completed the deal at a LTV of 65% and the exit was through long-term refinancing.

The lender received additional support from its solicitors and was able to complete the transaction within the deadline set by the client.

A MFS spokesperson said: “The client was extremely pleased with the structure of the offer to generate the maximum loan amount, so they did not lose out on their new investment property.”

MFS recently completed two bridging finance facilities worth a total value of £1.3m.

Pictured above: Paresh Raja, CEO of MFS

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