MFS deploys £18 million worth of bridging loans amidst lockdown
Market Financial Solutions (MFS) has so far deployed 22 bridging loans during the COVID-19 lockdown period, totalling £18 million.
These bridging loans have all been arranged since the COVID-19 lockdown measures were put in place on 23rd March 2020. From the initial enquiry through to the release of funds, MFS was able to deploy these loans quickly while abiding by social distancing measures.
Highlights include a £500,000 bridging loan to help a client based in Northern Italy complete on a property transaction in South London. The loan was deployed quickly, ensuring the client could meet their deadline and not lose their deposit.
MFS is one of a few lenders still carrying out on-site valuations. Its access to immediate credit lines also means it can deploy bridging loans soon after an application has been received.
Paresh Raja, pictured, CEO of MFS, said:
“Even with the obstacles posed by the COVID-19 lockdown measures, our team of underwriters have demonstrated great skill in deploying bridging loans with the same high level of professionalism. Our flexible and creative approach means we have been able to take on new enquiries and issue loans quickly, all the while adhering to social distancing measures.
As a result of the pandemic, we are seeing more and more lenders not able to accept new loan applications. Other are taking longer to issue finance, and That’s why property buyers and brokers are looking to specialist finance lenders to bridge funding gaps. At the same time, it is making more people aware of the advantages bridging loans have to offer.”