Market Financial Solutions (MFS) has announced that an institutional funder has committed £50m of funding to support its recently launched 753 (75-cubed) initiative.
In May, the bridging lender unveiled 753 as a means of fast-tracking residential deals as the stamp duty holiday tapers down.
MFS committed £75m of funding for residential bridging loans at 75% LTV, and an interest rate of 0.75%. This rate is throughout the term of the loan with no extra hidden costs, step-up rates or exit fees.
The bridging lender has reported high demand in the three weeks since the launch of the initiative, and an additional £50m has now been added to the funding pot.
MFS created the new drive to support property buyers and investors while the stamp duty holiday is still running. As it stands, the tax break will taper down to £25,000 from 1 July before returning to the normal threshold of £125,000 from 1 October. With house prices currently experiencing double-digit annual growth, MFS suggested there is huge demand from prospective homebuyers and property investors to enter the market.
“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,” said MFS CEO, Paresh Raja. 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 753 initiative in the weeks ahead.”
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