The loan was provided in three working days after the planning application was delayed beyond the project’s initial deadline.
MFS expected that the loan, which is at 60 per cent loan to value, will be paid off with development finance.
“The property market is alive and kicking. As lockdown measures are slowly eased, and with the stamp duty holiday extended, property investors and developers are clearly optimistic about the future,” said Paresh Raja, chief executive at MFS.
“MFS has been inundated with enquiries from residential and commercial property developers seeking large loans for complex cases,” he said.
Earlier this month, the lender provided a £2.9m commercial bridging loan on an office building in Surrey.
Century Capital has completed two residential bridging loans on prime townhouses in Chelsea, London (pictured).
One loan of £5.5m was for a “substantial property,” near Cheyne Walk and the other, a loan of £150,000, on an “elegant townhouse,” the lender said.
“Both transactions were for high net worth individuals where we took a flexible approach to ensure a swift close,” said Paul Munford, chief executive at Century Capital.
“These deals demonstrated that we can lend across all loan sizes and find solutions where others cannot,” he added.