Market Financial Solutions (MFS) has completed its first deal in collaboration with Knight Frank Finance.
The bridging lender was asked to support Knight Frank’s client by providing a bridge loan for the renovation of a spa hotel in North Warwickshire. The hotel had been trading since summer 2021 and despite setbacks due to the pandemic, had already increased in value after works were completed on the main residency.
After receiving the enquiry, MFS said it worked quickly to support the borrower with many of the completed works having been privately funded. The bridging loan meant the hotel owner could pay contractors and fund the renovation of the spa.
MFS also suggested the low LTV rate of 50% meant it did not require any additional security.
Knight Frank Finance mortgage consultant, Daniella Campbell, commented: “MFS were able to consider all aspects of this case, where the majority of other lenders deemed it high risk given the complex circumstances in the background. They were able to underwrite and issue credit-backed terms within 24 hours.”
MFS CEO, Paresh Raja, added: “It was great to work with the esteemed team at Knight Frank Finance on this particular deal. We were delighted to deliver the commercial loan without any undue delays, meaning the client’s deadlines were met and renovations works on the hotel could continue unhindered.”
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