The loan has allowed a borrower to complete on a share purchase for a new business, which includes a development site, as well as restructure existing finance.
Mortgage broker Mesa Financial Consultants and Market Financial Solutions (MFS) have completed a £1.2m bridging loan.
The second charge commercial bridging loan has allowed a borrower to complete on a share purchase for a new business, which includes a development site, as well as restructure existing finance.
Mesa Financial was approached by the client’s accountant with the task of raising finance across its property portfolio.
This covered a commercial property which has a first charge loan, and a number of buy-to-lets (BTLs) with second charge loans on them.
The existing commercial lender is on an extremely competitive interest rate, and the client was unwilling to refinance their first charge commercial debt.
Contracts had been exchanged for the share purchase and the client needed to move quickly.
Mesa Financial needed a lender which could act quickly and had an appetite for a high value second charge bridge on a commercial property alongside charges over buy-to-let properties.
James McGregor, director at Mesa Financial, said: “Given the transient times we are operating in, with lenders reviewing criteria, the changes in the property valuation market and operational efficiency regarding completion of transactions, lenders are being more wary around funding deals.
"Whilst this is understandable, clients still require access to various financing solutions, and it is refreshing to deal with lenders such as MFS wanting to honour deals they underwrite.
“Cases like this underline the strength attached in relationships between specialist intermediaries and their funding partners.
"Due to the complexities in this case, it was key for Kevin Duffin to bring all parties together to get this one over the line and he did an amazing job to get this to completion.
"This is a great example in the value of relationships that even in the unprecedented times, we can all still work together to get deals done to meet the client’s expectations.”
Paresh Raja, CEO at MFS, said: “MFS has not let the challenges posed by COVID-19 restrict those in need of finance to complete on a transaction, no matter how complex a case may be.
"We’re proud to be working alongside the team at Mesa Financial to ensure their clients have access to first and second charge bridging loans for both residential and commercial properties.”
