Market Financial Solutions (MFS) has arranged a £3m bridging loan to refinance a manor house in Kent.

The loan, which MFS delivered at 60% LTV in three working days, will be paid off with development finance.

MFS stated that the client had purchased the large property which they were in the process of transforming into a number of apartments. However, when the planning application had been delayed by the council, the client needed to refinance the property to ensure they could fund the renovation works beyond the initial deadline.

The bridging lender highlighted that the deal follows the recent £2.9m commercial bridging loan that MFS issued to support the acquisition of a commercial office building in Surrey.

“As lockdown measures are slowly eased and with the stamp duty holiday extended, property investors and developers are clearly optimistic about the future,” MFS CEO, Paresh Raja, commented.

“Importantly, we are seeing a lot of investment activity now taking place outside the capital. This is a direct consequence of the COVID-19 lockdowns – businesses are now more willing to adopt flexible working practices, in turn compelling many people to relocate outside of London where the cost of living is more affordable or they can enjoy more spacious properties and greener surroundings.

“MFS is prepared for this shift and is ready to take on cases both in and outside of London as the country transitions out of lockdown.”

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