The new lower rates will be available throughout this month and January.
Market Financial Solutions(MFS) has cut its bridging loan rates with the lower rates available throughout December and January.
The London-based bridging lender is now offering rates of 0.59% for its first charge loans on residential and buy-to-let investments with a loan-to-value (LTV) of 60%. This is down from 0.75% previously.
Paresh Raja (pictured), chief executive of MFS, 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.”
Rates have also dropped for first charge residential loans. At 70% LTV rates have dropped to 0.75% and at 75% LTV down to 0.85%.
MFS’ ‘bridging to exit development’ rates have been reduced to match these rates for first charge loans on residential and buy-to-let investments.
The lender has also lowered rates for its first charge loans on commercial and semi-commercial properties.
The new rates are 0.69% for loans at 60% LTV, down from 0.99%, 0.89% for loans at 70% LTV, down from 1.09%, and 0.99% for loans at 75% LTV, which was previously 1.19%.
MFS has also created a £50m fund for all its bridging products at the new lower rates.
