The variable products have rates from 0.55%, plus the Bank of England's base rate
Specialist lender Market Financial Solutions (MFS) has launched a new range of variable rate bridging products to provide borrowers with more options in the current economic climate.
From March 1, the lender is offering bridging loans with rates from 0.55% plus the Bank of England’s base rate. The variable products are available across the entire bridging range, with a loan-to-value (LTV) of up to 75%.
Fixed rates are still available alongside the new variable rate products, which are on offer to both new and existing clients.
MFS, which received The Blacks Solicitors Award for Bridging Lender of the Year at the Mortgage Introducer Awards 2022, specialises in handling large and complex cases at pace, offering loans of up to £50 million, with terms between three and 24 months, in as little as three days.
It can lend to borrowers with complex backgrounds on a wide range of property types, with underwriting available from day one. The lender is currently sitting on more than £1 billion in funding and is on track to achieve its goal of growing its loan book to £1.5 billion in 2023.
“Interest rates have dominated discussions across the property and lending sectors over the past year,” Paresh Raja (pictured), chief executive at Market Financial Solutions, commented. “At MFS, our primary goal is to support borrowers and brokers by providing innovative, dynamic products – the launch of our variable bridging rates is a prime example of this, giving greater choice and flexibility at a time when it is sorely needed.”
Raja said that they were excited to bring their new products to the market, adding that they would continue to seek ways to improve their offering in line with what brokers and borrowers truly need from specialist lenders.
“There are plenty of borrowers who do not want to commit to fixed terms, preferring a product that will track the base rate should it come back down after a run of hikes from the Bank of England,” he noted. “We are empowering these people by giving them the choice: our fixed rate bridging loans continue as normal, but now the variable rates cater to borrowers with different wants, needs, and outlooks.”
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