MS Lending Group has completed a £4.6m bridging loan for the purchase of a 50-property portfolio in the Midlands within three weeks.
The clients, direct customers of MS Lending Group, needed to move quickly to purchase the portfolio below market value.
The lender secured the funds using automated valuation models (AVMs) and a physical walkaround of all properties, eliminating the need for full RICS valuations.
The clients, known property investors in the private landlord sector and social housing space, purchased a mixture of mid-terrace, end-terrace, and semi-detached houses ranging from one to five bedrooms. Speed was crucial due to the impending end of Multiple Dwelling Relief (MDR) at the end of June, saving them over £200,000 in tax.
Michael Stratton, CEO of MS Lending Group, said: “We were proud to work with our longstanding clients on getting this transaction sorted.
“We were able to demonstrate our unique offering, in completing a loan of this size without the need for a full RICS valuation and using our common sense approach and visiting the properties personally ourselves.
“We understood the tight timescales needed and were glad the clients chose MS as their trusted partner to ensure everything happened as it should.
“I’m also extremely proud of our team, individually underwriting each property in addition to what was already our busiest month on record for the business.”
