Market Financial Solutions (MFS) has launched a new initiative designed to fast-track residential property deals in the coming months.
The initiative, 75-cubed, will see the bridging lender commit £75m of funding for residential bridging loans at 75% LTV, and an interest rate of 0.75%. This applies to residential single property valued up to £2m.
MFS confirmed that its rates for 60% and 70% LTV have also been reflected in line with the new scheme for “time-conscious” property buyers.
The lender has created the scheme to support property buyers and investors while the stamp duty holiday still remains in place, with the tax break currently due to taper down from 1 July before returning to normal levels from 1 October.
MFS CEO, Paresh Raja, described the UK’s property market as “buoyant”, with prices and transactions accelerating at pace.
“Our new 75-cubed initiative, with better rates and high LTV, will help those keen to take advantage of this market growth by ensuring they have fast access to bridging loans so they can complete on a deal,” Raja commented.
“MFS has already grown its team by 40% this year – when combined with this new £75m in allocated fund, it means we can handle an increased number of enquiries and issue loans within days. In turn, we are helping our clients to capitalise on the stamp duty holiday before the deadline arrives.”
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