The specialist lender has also launched a new development exit product, which is available to individual and limited company property developers, and offers loans from £100,000 to £30m at up to 75% LTV, on loan terms between three and 24 months, with rates starting from 0.69% per month.
MFS’s updated lending criteria sees the company base its LTV ratio on the open market 180-day value of a property.
The finance provider has also reduced its short-lease option to leaseholds with 30-plus years remaining, down from the previous threshold of 40 years.
The enhancements reflect the increased demand MFS has experienced for larger loans and development exit finance, as well as deals with longer payment terms.
Paresh Raja, CEO at MFS (pictured above), said: “The property market in England is buoyant at the moment, but it is also undergoing changes, resulting in fluctuating levels of demand for different finance products.
“That’s why MFS has updated its loan criteria to ensure it is delivering bridging solutions that fit with the current needs of property investors.
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“Both in London and the surrounding commuter towns, we are seeing investors pursue sizeable purchases of residential and commercial real estate and, given the strength of our funding lines, MFS is ideally placed to support such acquisitions.
“The pandemic has also sparked a nationwide boom in refurbishments and renovations, with investors keen to maximise the value of their properties, while also bringing them in line with the current demand for additional home working space.
“Our new development exit product supports such activity and is already proving to be in high demand.”
In March, following its new Mayfair office move, MFS completed two notable loans worth £2.9m and £3m, which were deployed in five and three days respectively.
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