MFS completes £18m in bridging loans during lockdown
Market Financial Solutions (MFS) has so far deployed 22 bridging loans during the COVID-19 lockdown, totalling £18m.
These bridging loans have all been arranged since the lockdown and social distancing measures came into effect, from the initial enquiry through to the release of funds.
One example includes a £500,000 loan to help a client based in Northern Italy complete on a transaction in South London, so as not to lose their deposit.
MFS is also continuing to carry out on-site valuations.
Paresh Raja, CEO of MFS, said: “Even with the obstacles posed by the COVID-19 lockdown measures, our team of underwriters have demonstrated great skill in deploying bridging loans with the same high level of professionalism.
“Our flexible and creative approach means we have been able to take on new enquiries and issue loans quickly, all the while adhering to social distancing measures.
“As a result of the pandemic, we are seeing more and more lenders not able to accept new loan applications.
“Others are taking longer to issue finance, and that’s why property buyers and brokers are looking to specialist finance lenders to bridge funding gaps.
“At the same time, it is making more people aware of the advantages bridging loans have to offer.”