Market Financial Solutions (MFS) has announced the completion of a £9.45m bridging loan on a country estate in West Sussex.

A broker that had previously worked with MFS required a loan for a client who needed to clear existing first and second charge loans on a large 17-bedroom country house. The loan totalled £9.45m at an LTV of 67%.

MFS said it had to find a valuer with the skill to handle the case, given the property is set in a large plot of land which includes multiple outbuildings, and upon receiving the valuation report, MFS was able to raise the funds needed to clear the finance currently secured to the property.

The lender was also able to raise the requested additional finance to allow the client to convert the main manor house into multiple residential dwellings.

MFS CEO, Paresh Raja, said the case had presented “several challenges”, most notably finding the right valuer.

“There are not many that could confidently value an array of different properties, some with different uses, across one rural estate,” Raja commented.

“But crucially, MFS has an extensive network of valuers we partner with, so we were able to select one with the skill and experience to provide a comprehensive report, which in turn allowed us to act with speed and confidence.

“Ultimately, this case underlines the flexibility of our bridging loans – we do not apply a rigid tick-box methodology when assessing an enquiry, but instead are able to understand the full picture. Here, we took into consideration the client’s vast experience as a property investor, as well as the different pieces that made up the asset in question.”

Share Story: