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Loan Amount:
£11,990,000
Property Value:
£27,000,000
LTV:
45%
A broker reached out to us for help with a large refinance facility for a foreign national client against a high value luxurious single asset in Central London. The borrower had a bridging loan on the property which was near maturity and were in the process of completing refurbishment works.
The current lender was not prepared to provide an extension on their facility, so the borrower had to either:
The borrower wanted to complete the works as soon as possible so funding was needed quickly, given an existing bridge facility was reaching maturity. Market Financial Solutions were able to offer terms to refinance the property, however, we had a strict 3-week deadline to adhere to.
Our underwriter got to work. The first potential hurdle popped up during the legal stage. A few issues were raised, but by working with the legal parties involved, we established there was nothing that concerned us.
We instructed the valuation and solicitors quickly. The valuation report confirmed how much the refurbishment was going to cost. While being a relatively high figure, we were given a clear schedule for when the works would complete from a builder, providing a clear endgame which gave us comfort in the proposed exit strategy.
With large transactions, we understand the pressure is on to make sure things run smoothly. As the potential costs are so high, refurbishment or legal delays are the last thing investors need.
Fortunately, here at Market Financial Solutions, we have experience in working with multiple different teams and experts in the property world. Where complications arise, which is likely with foreign nationals, we’re adept at resolving them as quickly as possible.
This expertise will likely prove crucial over the coming months and years. Following a few years of decline, international purchases of London property increased slightly in 2021, according to research from Henry Dannell.
Do you want to understand the potential cost of your bridging loan?
Get an idea of the monthly cost and fees involved with a few details using our loan calculator
Berkeley Credit specialises in fast bridging loans, short-term finance, and property funding solutions tailored to your needs.