MS Lending Group has completed their largest loan since the business began earlier this year.
In only its 8 months of trading, the new bridging lender has worked stringently to complete a £1.15 million loan for a client in Surrey.
The £1,150,000 loan process took less than two weeks from application to funding. Speed was necessary as the development loan the client took when the properties were initially purchased was due to expire.
The client took a bridging loan in order to pay off the development loan which was taken out when the two properties were purchased. The two residential assets based in Sunbury on Thames are currently on the market with a combined value of £2m.
As both properties are currently on the market, the client was able to take advantage of MS Lending Group’s desktop valuation product. This enabled the lender to move quickly and complete in less than two weeks from when it was introduced.
The deal was brokered by Adam Klein of Atlas Property Finance
‘MS Lending Group Ltd delivered an extremely prompt development exit bridge loan on 2 recently completed properties for one of our clients.
We were most impressed by the constant communication throughout the process and the speed that this lender could make decisions.
This allowed our client to refinance the development lender and allowed further time to sell the property on the open market.
This was done within 2 weeks to ensure that the client was not penalised by any notice period fees with the current lender.
MS Lending Group Ltd were a pleasure to work with and we are delighted to get this deal over the line’
Managing Director, Michael Stratton, ‘This is our largest bridging deal to late. The deal was a first charge over two properties, at a LTV off 60%.’
“We have had a very successful year; we have surpassed our projections. Brokers are realising we are as agile and fast as we say we are, with no strict fixed criteria! We review every deal on a case-by-case basis and this means we can facilitate many more bridging loans our competitors cannot.”
Speaking of the future, Michael said, ‘As the business is growing it’s important our team reflects this. We have taken on a bigger office space from October and will be recruiting further talent both in the North and South.
August is already MS Lending’s biggest ever month with over £3million lent to borrowers. With more deals in the pipeline due to complete by the end of the month.
MS Lending Group’s ambitious growth targets since launching in January 2021 have been met and surpassed. It is continuously expanding its loan book to help experienced property investors take advantage of the buoyant market, with speed at the forefront of their service.