MFS issues over £30m in bridging loans during lockdown
Market Financial Solutions (MFS) has deployed over £30m in bridging loans during the COVID-19 lockdown so far.
MFS arranged these loans between 23 March and 30 June, including both residential and commercial bridging finance.
Highlights included a £1.2m second-charge commercial bridging loan allowing a client to complete on a share purchase for a new business and also restructure existing finance.
MFS has remained open for business throughout the lockdown.
The lender has also launched a new customer relationship management (CRM) system to streamline its internal processes, ensuring all enquiries from private clients and brokers can be addressed within hours of being received.
Paresh Raja (pictured), CEO of MFS, said: “We have experienced a notable increase in enquiries from brokers in need of bridging loans for their clients during lockdown.
“Not only are brokers requesting loans that can be tailored to meet the complex needs of their clients, they are also after loans that can be deployed quickly to ensure deadlines are met and transactions are completed.
“Sophisticated bridging lenders have been vital in propping up the real estate market during this uncertain time, showcasing just how bridging loans can be used to help buyers in difficult situations.
“That’s why with lockdown measures easing, I am confident the energetic demand for specialist finance will remain high.
“As highlighted by the value and volume of loans we have completed so far, bridging lenders like MFS will continue to play an integral role supporting property transactions in the UK.”