MS Lending sets new lending records
By David Craik -
MS Lending Group broke records last month boosted by soaring demand for its new environmentally friendly and ‘No Valuation’ products.
The lender completed 24 deals in March, its most successful month to date since it was launched in January 2021. It has now loaned over £35 million of business in those first 15 months.
Its March success included a loan of £900,000 where the client borrowed 85% of their purchase price of a 37-bed former nursing home in Northampton.
MS said it was happy to support the deal due to an agreement lease already in place on completion with a Housing Association for a term of 20 years.
The deal was also notable as it utilised one of the ESG products the group launched back in January this year.
Its Social Housing & Charities product lends up to 85% on residential purchases and up to 75% on commercial when there is a signed agreement for lease in place with bodies such as Housing Associations.
Its other ESG product – Energy Performance – where MS Lending has vowed to refund borrowers 1% of the total gross loan amount if improvement has been made to the EPC rating during the term of a loan has also done well.
“Our ESG products are proving really popular as they give money back to the client after doing work to the property but also offer a favourable rate with a higher LTV if a lease is in place with a housing association,” a spokesperson says.
“The high demand is because it is an obtainable product and really helps clients with what they are trying to achieve. There’s not many ESG specific products in the market.”
In addition, almost 80% of the loans in March were of its unique No Valuation up to £500,000 product which was launched in February. This helps customers move more quickly in the market.
“I am delighted to announce such a successful month, and I am so proud of the team who continue to surpass our projections. Brokers and direct clients are seeing the benefit of our products, as well as our speed and agility.
As we continue to grow its important our core fundamentals remain the same. Brokers can count on us, our unique offering and our service,” said chief executive Michael Stratton.
“We are continuously expanding our loan book to help experienced property investors take advantage of the buoyant market, with speed at the forefront of our service. This has been a very strong start to 2022.”