The specialist lender has created a dedicated fund of £50m for its entire bridging range and is now offering rates of 0.59% — down from 0.75% — for its first charge loans on residential and BTL investments at 60% LTV.
Rates have also been cut for first charge residential loans to 0.75% at 70% LTV and 0.89% at 75% LTV.
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In addition, bridging-to-exit development rates have been reduced to match the rates for first charge loans on residential and BTL investments.
There are new rates for first charge loans on commercial and semi-commercial properties of 0.69% for loans with a 60% LTV (down from 0.99%), 0.89% for loans with a 70% LTV (down from 1.09%) and 0.99% for loans with a 75% LTV (down from 1.19%).
Paresh Raja, CEO at MFS (pictured above), said: “As a bridging lender, MFS strives to deliver both an exceptional quality of service, but also highly competitive rates.
“At this time of year, when activity in the property industry typically slows down, we wanted to seize the initiative and inject fresh life into the market.
“We understand there is a degree of hesitancy among some property investors at present, particularly with the election and Brexit deadline both fast approaching.
“But our new lower rates have been designed to help support those keen to press ahead and complete on new acquisitions.”