MFS launches initiative to support buyers during market uplift
Market Financial Solutions (MFS) has launched 75-cubed, an initiative designed to fast-track residential property deals and support more buyers as they look to purchase properties during this current market uplift.
UK average house prices increased by 10.2% in the year to March 2021, according to the Office for National Statistics (ONS) – the highest annual growth rate since August 2007.
The bridging lender has committed £75m of funding for residential bridging loans at a loan-to-value (LTV) of 75% and an interest rate of 0.75%.
This applies to residential single properties valued up to £2m.
The rates for 60% and 70% LTV have also been reflected in line with the scheme, through which MFS aims to support property buyers and investors while the stamp duty holiday remains in play. As it stands, the tax break tapers down from 1 July before returning to normal levels from 1 October.
Paresh Raja, CEO of MFS, said: “The UK’s property market is buoyant right now, with prices and transactions accelerating at pace.
“Our new 75-cubed initiative, with better rates and high LTV, will help those keen to take advantage of this market growth by ensuring they have fast access to bridging loans so they can complete on a deal.
“MFS has already grown its team by 40% this year – when combined with this new £75m in allocated fund, it means we can handle an increased number of enquiries and issue loans within days.
“In turn, we are helping our clients to capitalise on the stamp duty holiday before the deadline arrives.”