Market Financial Solutions (MFS) has deployed a £2.9m commercial bridging loan in five days.
 
The loan, completed at a rate of 0.95% with an LTV of 70%, has been used to support the acquisition of a commercial office building in Surrey.
 
The case was brought to MFS by a broker in need of a lender that could deploy a large bridging loan within days. The broker’s client was in the process of buying a commercial property but risked missing the pre-arranged deadline due to delays from their existing lender, which would have resulted in them losing their deposit.
 
MFS was able to arrange a valuation report within 48 hours of receiving the case, with the bridging loan successfully deployed three days later.

Since the beginning of the year when MFS successfully secured two funding lines totalling £350m, CEO, Paresh Raja, suggested the lender has been “inundated with enquiries” from residential and commercial clients in need of fast, tailored bridging loans.

“This latest case is an example of how MFS works with clients to meet deadlines despite the challenges posed by social distancing restrictions,” said Raja. “Through the team’s dedication and experience, MFS worked around the clock to meet the needs of the client.

“I expect to see similar cases in the coming weeks. The property market is once again alive with activity, encouraged by the recent Spring Budget and stamp duty holiday extension. That said, many mortgage lenders are still not in a position to effectively address complex cases, particularly when faced with pressing deadlines. As such, I anticipate demand for bridging loans to rise as the UK transitions out of lockdown.”

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