"The UK’s property market is buoyant right now, with prices and transactions accelerating at pace."
Market Financial Solutions has launched 753 (75-cubed), a new initiative designed to fast-track residential property deals in the coming months.
The bridging lender has committed £75 million of funding for residential bridging loans at a loan-to-value of 75% and an interest rate of 0.75%. This applies to residential single property valued up to £2 million.
The rates for 60% and 70% LTV have also been reflected in line with the new scheme for time-conscious property buyers.
MFS has created the new scheme to support property buyers and investors while the stamp duty holiday remains in play. As it stands, the tax break tapers down from 1 July before returning to normal levels from 1 October.
UK average house prices increased by 10.2% in the year to March 2021, according to the Office for National Statistics – the highest annual growth rate since August 2007. Through 753, MFS will support more clients as they look to purchase properties during this current market uplift.
Paresh Raja, CEO of MFS, said: “The UK’s property market is buoyant right now, with prices and transactions accelerating at pace. Our new 753 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.
“MFS has already grown its team by 40% this year – when combined with this new £75 million 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.”