News in brief - 2 April 2024

Market Financial Solutions (MFS) is to extend its offer of providing a full refund on valuation fees for its bridging customers until the end of May. The specialist lender initially announced in February that it will provide a full refund on valuation fees for bridging cases that are agreed before the end of March and complete before the end of April, but this has now extended by another month. The refund will be issued within 28 days of the drawdown of a bridging loan. The waiving of valuation fees will apply across all its bridging products, residential, commercial and semi-commercial. To qualify, borrowers must sign and return their decision in principle document by the end of April 2024 and the loan must be drawn down by the end of May.

CapitalRise has expanded its lending and origination teams by hiring Imogen Williams as business development director (BDM) and promoting Ed Groves to associate. Williams joins CapitalRise from MFS, where she worked as a regional sales manager. Her new role as BDM will involve building on existing and establishing new relationships with developers, property investors and those requiring real estate debt in key markets and geographies across London and the South East. Groves joined CapitalRise in 2021 as a credit analyst and was promoted to senior analyst last year. In his new role as associate, he will now proactively seek new business opportunities for residential debt finance.

Spring Finance has reduced rates across its bridging product range and enhanced criteria with 75% LTV, now being available for residential property purchases. AVM loan sizes have been increased to £200,000 for all first charge bridging loans up to 65% LTV, with no upper limit on property value. The changes are the first of a number of future enhancements that Spring will be making to its specialist lending products. In the coming weeks, a suite of non-FCA regulated products will be launched along with lending in Scotland.

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