Market Financial Solutions (MFS) has secured a new £150m funding line.
The bridging lender indicated the £150m credit line will be used to finance bridging loans and increase its bridging market on vanilla loans.
Funding is available immediately for borrowers who meet the minimum requirements, and to property investors and businesses seeking to complete on residential and commercial property transactions.
MFS suggested the onboarding of the additional credit line followed a significant increase in enquiries for bridging loans from property investors who are keen to take advantage of the stamp duty holiday before it ends on 31 March 2021. With over half a million homes in the middle of a transaction, MFS indicated that more than 300,000 sales are at risk of not meeting the deadline.
“Brokers and borrowers are crying out for certainty, with many having been let down other lenders when trying to complete on a deal,” commented MFS CEO, Paresh Raja, commented. “What’s more, the end of the stamp duty holiday is fast-approaching, and buyers want to take advantage of this tax break – they can only do this by having access to loans that can be deployed in days, not months.
“This £150m funding line comes at an opportune moment, both for MFS and the property market. Investors have been impressed by the strength of MFS’ funding lines, particularly when issuing loans and arranging exit strategies during the pandemic. As a result, our credit lines are consistently topped up and ready to be deployed.”
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