MFS launches £60 million COVID-19 recovery fund
By Tony Sanchez -
Market Financial Solutions (MFS) has launched a dedicated £60 million COVID-19 recovery fund.
The fund has been set aside to quickly finance bridging loans for property investors and businesses seeking to complete on residential and commercial property transactions before the end of 2020. Funding is available immediately for borrowers who meet the minimum requirements.
MFS has launched the initiative to support property buyers looking to take advantage of the Stamp Duty Land Tax holiday, particularly as delays from other mortgage and loan providers hinder transactions.
The funding comes from MFS’ in-house credit lines and will be topped up as bridging loans are deployed, ensuring capital is always to hand for new loans.
The fund is part of MFS’ strategy to support the property market’s recovery following the COVID-19 pandemic.
Between 23rd March and 21st August, MFS deployed over £40 million worth of bridging loans, ranging from residential to commercial bridging finance. With immediate access to funding, MFS was able to deploy these loans within days of an application being made.
Paresh Raja, pictured, CEO of MFS, said:
“As we transition out of lockdown, property investors want to act with certainty. 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 £60 million 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.”