MS Lending Group launches new bridging loan product
MS Lending Group has unveiled its latest product, MSXC, designed to assist clients who have looming completion dates and need require certainty of fast rapid funding.
The lender has created the exchange product for clients seeking to purchase at auction, or who have a completion date set for less than 28 days.
Solicitors will be instructed within a matter of hours of terms being agreed to ensure that all parties can work on the transaction immediately.
MS Lending Group has already become the official finance partner with a couple of the UK’s largest auction houses based on its ability to move quickly, giving clients the certainty they require at a critical stage of their property buying process.
With over 60% of its monthly completions coming from purchase business, this product further strengthens the lenders appetite to be the lender of choice when it comes to urgent purchases.
The offering is available immediately. The product requires no full valuation necessary up to £750,000, and desktop valuations available up to £2m on residential, semi-commercial and commercial properties.
Michael Stratton, CEO and founder of MS Lending Group, said:
“We felt that there was a need for a product that meets the unique demands of many of our clients.
We have forged a reputation for being a flexible lender being able to work at speed and we wanted to ensure all our clients know that we have a specific product designed and catered for this growing issue.
Valuation turnaround times aren’t conducive to tight timescales and we feel that this product compliments what we are already doing. It’s our forte, it’s our bread and butter!”
Rob Goodall, MD, added:
“We know how important our speed and flexibility is to clients.
We are providing a workable solution to those who are hesitant to purchase at auction without knowing if their lender will pull through with the funds on time.
We work closely with our Panel Managers, who’s desktop valuations provide us with the information required to undertake a full underwrite of a case, without the necessity to wait what could be weeks for a full valuation, a requirement for most other lenders ”