One of our borrowers introduced us to a client who needed a short-term loan for a commercial property in Wales. The asset was a commercial social club that was currently out-of-use. The client’s initial finance terms were coming to an end, and they needed to refinance fast.
Due to Covid restrictions in the area, the client had been unable to carry out their development plans. They had already applied for planning permission to convert the asset into residential properties.
The borrower was coming to their end of their term and was receiving pressure from their lender. They needed more time to arrange development finance to exit their loan. We knew we would be able to help relieve the client from this pressure and provide ample time to arrange their long-term finance at a competitive rate.
The client needed support with their bridging application. To minimise any stress, the MFS underwriter liaised directly with the borrower and was happy to support and guide them through the paperwork. This allowed the client to focus on arranging their long-term finance. It also helped minimise any confusion regarding the documentation needed for their bridging process.
Our strong relationship with our diverse panel of valuers enabled us to receive a valuation report quickly. Working to our client’s tight deadline.
As bespoke bridging lenders, we were able to complete with a quick turnaround. Whilst other lenders may have turned the client away due to the condition of the property, we look deeper. By assessing the clients background, particularly within the area, we had strong confidence in their property investment.
Our expert underwriters are more than happy to support clients and brokers and relieve any pressure facing the enquiry. We aim to keep the process as simple as possible for all our clients. By having a dedicated MFS underwriter, our client knew who to contact regarding any questions they had during the case, keeping a clear and open channel of communication.
Their exit strategy was development finance, pending the planning permission submitted.