It also slashes bridging rates
Market Financial Solutions (MFS) has introduced a new hybrid product, the Bridge Fusion, combining elements of a bridging loan and a longer-term buy-to-let mortgage.
The hybrid product is a two-year tracker loan with an annual interest rate, offering borrowers a way to navigate market uncertainty and instability, with the option to extend the loan for a third year.
The product’s pay rates start from 3.55% plus the base rate, with a loan-to-value (LTV) of up to 75% and a maximum loan size of £20 million. It is available for commercial, mixed-use, and residential properties.
Happy Monday! We have a new product for you!
— MFS (@MFSBridging) June 3, 2024
Introducing Fusion, our latest offering to the market.
To learn more, take a look at our website: https://t.co/BgTfd3fEWS pic.twitter.com/pvgp9NEh1I
Aside from launching the new product, the specialist lender has also significantly reduced rates on its core bridging product range by up to 11 basis points.
Founded in 2006, the London-based lender specialises in large and complex loans. It has multiple funding lines and a growing team of finance experts.
As higher interest rates, economic uncertainty, and an upcoming general election create challenges for brokers and borrowers, MFS said it is focusing on flexibility and a broad range of products, aiming to help investors secure the right loan terms for their needs.
“Optionality has become a keen focus for MFS in recent years,” said Paresh Raja (pictured), chief executive of Market Financial Solutions. “We’re continuing to expand our offering across both our bridging and BTL mortgage ranges, as well as reducing rates across the board, giving brokers and their clients much-needed choice as they seek the right product for their needs.
“This includes a blend of tracker and fixed terms, as well as the term length. The new Bridge Fusion product is a perfect example of our desire to keep evolving, and the timing makes complete sense. As banks are slowing down with their lending activities in a year with potentially over £50 billion of commercial refinances required, we are reducing our bridging rates and launching new products in order to ramp up.
“The general election will create more uncertainty over the coming weeks and months. We all knew it was coming, but few expected the vote to come in early July – and although it was formed before Rishi Sunak’s surprise announcement, our Bridge Fusion product is designed to help borrowers navigate such twists and turns in the market with greater confidence.”
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