MFS secures £50m of funding for 75-cubed initiative
An institutional funder has committed £50m of funding to support Market Financial Solutions’ (MFS) ’75-cubed’ initiative.
In May, the bridging lender unveiled 75-cubed as a means of fast-tracking residential deals as the stamp duty holiday tapers down.
It committed £75m of funding for residential bridging loans at a loan-to-value (LTV) of 75% and an interest rate of 0.75%.
The additional funding aims to further strengthen the 75-cubed scheme and ensure more loans can be delivered to prospective property buyers, according to MFS.
Paresh Raja, chief executive of MFS, said: “Our new 75-cubed initiative has proven extremely popular.
“We all know that the property market is booming right now, but buyers need support as they look to secure finance quickly and complete on deals.
“Our better rates, high LTV and dedicated funding lines are doing just that – we’re super-charging residential deals.
“The additional £50m funding line is a clear indication of the success of the scheme. In the face of significant demand from borrowers, we’ve partnered with other financial institutions and investors to reinforce funding lines, meaning we can serve an ever-expanded network of clients.
“We’re excited to see just how many deals we can complete through the 75-cubed initiative in the weeks ahead.”