Paresh Raja MFS

MFS secures extra £50m towards its 75-cubed initiative

An institutional funder has committed £50m of funding to support Market Financial Solutions’ (MFS) recently launched 75³ (75-cubed) initiative.

In May, the bridging lender introduced 75³ to fast-track residential deals as the stamp duty holiday tapers down.

It initially committed £75m of funding for residential bridging loans at 75% LTV and an interest rate of 0.75%.

Following high levels of demand, an additional £50m has been added to the funding pot.

"Our new 75³ initiative has proven extremely popular,” said Paresh Raja, CEO at MFS (pictured above).

“The additional £50m funding line is a clear indication of the success of the scheme.

“In the face of significant demand from borrowers, we’ve partnered with other financial institutions and investors to reinforce funding lines, meaning we can serve an ever-expanded network of clients.

“We’re excited to see just how many deals we can complete through the 75³ initiative in the weeks ahead.”

The bridging lender created the product so that it can assist clients as they look to purchase properties during the current market uplift.

In April, MFS upped its maximum loan size to £30m and enlarged its maximum loan term to 24 months.

It also launched a new development exit product, available to individual and limited company property developers, and updated its lending criteria so that its LTV ratio is based on the open market 180-day value of a property.

“We all know that the property market is booming right now, but buyers need support as they look to secure finance quickly and complete on deals,” added Paresh.

“Our better rates, high LTV and dedicated funding lines are doing just that — we’re super-charging residential deals.”

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