Market Financial Solutions (MFS) has increased its maximum bridging loan amount to £30m as part of several changes to its lending criteria for the 2021/22 financial year.

The London-based bridging lender has also increased its maximum loan term to 24 months and added a new development exit product to its range of loans.

MFS indicated its changes reflect the increased demand it is experiencing for larger loans, as well as deals with longer payment terms.

The bridging lender also suggested that development exit finance has proven “more popular”, with investors and developers undertaking refurbishments, renovations and extensions of their properties but needing an extension to existing facilities to achieve this.

So far in 2021, MFS has secured two funding lines worth £350m and recently completed two notable loans worth £2.9m and £3m, which were deployed in five days and three days respectively.

“The property market in England is buoyant at the moment, but it is also undergoing changes, resulting in fluctuating levels of demand for different finance products,” commented MFS CEO, Paresh Raja. “That’s why MFS has updated its loan criteria to ensure we are delivering bridging solutions that fit with the current needs of property investors.

“Our decision to increase our maximum loan amount to £30m is a reflection of a significant rise in enquires for larger loans. Both in London and the surrounding commuter towns, we are seeing investors pursue sizeable purchases of residential and commercial real estate, and given the strength of our funding lines, MFS is ideally placed to support such acquisitions.

“The pandemic has also sparked a nationwide boom in refurbishments and renovations, with investors keen to maximise the value of their properties while also bringing them in line with the current demand for additional home working space. Our new development exit product supports such activity and is already proving to be in high demand.”

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