MFS rolls out BTL mortgages to wider broker market

After a successful soft launch, Market Financial Solutions (MFS) has enhanced and officially launched its BTL mortgage range to all brokers and direct clients.

The bridging lender has piloted the BTL products since October 2021 with 17 intermediary partners, where it saw £100m worth of enquiries in the space of two months

Pay rates for the offering now start from 3.79%, with product fees from 1.5%, and a 1% commission.

“Following the success of the three-month pilot, we are delighted to announce the enhancement and full launch of our BTL mortgages,” said Paresh Raja, CEO at MFS (pictured above).

“With more than 15 years’ experience in the bridging sector, we will be taking the speed, flexibility and high level of service that we are known for and applying these qualities within the BTL mortgage space. 

“We expect high demand for the products and look forward to bolstering our offering even further throughout 2022 to best meet borrowers’ needs.”

The product range provides loans of up to £3m and 75% LTV, portfolios up to £10m, and is available to foreign nationals, overseas companies and trusts, those with less than perfect credit, and strong yielding property types, such as large HMOs, multi-unit blocks and holiday lets.

With two- or three-year terms, the loans provide optionality and breathing space between bridge exits or initial purchases and future long-term financing.

The lender also offers a flexible interest cover ratio, which can be combined with rolled-up and deferred monthly payments and interest, in order to support prime London properties and help avoid failed transactions, delays, and lost fees.

The new BTL business is headed up by Mike Cook, who joined the company last year as chief mortgage officer

Mike commented: “The BTL mortgage space is a natural fit for MFS, it understands the BTL market inside out and will apply its experience in underwriting loans to ensure the right deals can be sourced for brokers and their clients. 

“We experienced significant demand during the pilot, which demonstrated the need for products like ours, as well as the trust that brokers and BTL investors have in MFS to deliver the loans they require.” 

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