Market Financial Solutions (MFS) has announced it is launching a £60m COVID-19 recovery fund.
The fund has been set aside to quickly finance bridging loans for property investors and businesses looking to complete on residential and commercial property transactions before the end of the year.
The bridging loan provider revealed that funding is available immediately to borrowers who meet the minimum requirements.
MFS stated it has launched the initiative to support property buyers looking to take advantage of the stamp duty holiday. The funding, which comes from MFS’ in-house credit lines and will be topped up as bridging loans are deployed, is part of MFS’ strategy to support the property market’s recovery following the COVID-19 pandemic.
“As we transition out of lockdown, property investors want to act with certainty,” said MFS CEO, Paresh Raja.
“Unfortunately, many lenders are simply not in a position to deploy the finance needed to complete on a property transaction in time. This is putting property chains at risk of collapsing and undermining buyer confidence.
“What homebuyers need right now are assurances from lenders so they can press ahead with purchases. That’s precisely why MFS has launched the £60m recovery fund; helping to support the market at this critical time.
“Our team of expert underwriters are ready and waiting to process applications and deliver tailored loans through this fund, no matter how complicated a case may be.”
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