It aims to also grow its loan book to that figure by year's end
Specialist lender Market Financial Solutions (MFS) has reported that it has now secured charges against more than £1.5 billion worth of UK property assets, with a loan book nearing £1 billion.
The lender had previously set a goal of reaching a £1.1 billion loan book by early 2023, but with over £1 billion currently available in funding, MFS has increased its targets and now aims to grow its loan book to £1.5 billion by the end of the year.
MFS specialises in managing large and complex cases, offering loans of up to £50 million, with terms between three and 24 months. It lends to borrowers with complex backgrounds, with underwriting available from day one, and on a wide range of property types.
It launched its buy-to-let mortgage range in January 2022, with the lender reporting significant demand for the product within its first year. MFS has a target to reach £500 million of BTL mortgages issued by the end of 2023.
“Milestones like this are not why we do what we do, but they are certainly important markers of progress,” Paresh Raja (pictured), chief executive at Market Financial Solutions, stated, commenting on the development. “Ultimately, the value of the property assets we have secured charges on, and the rapid growth of our loan book all underlines the success we have enjoyed in recent years.”
Raja, however, said that while they are proud of what the business has achieved, there must be no room for complacency as the current economic climate is testing, and the property market will undoubtedly face challenges in 2023.
“We have really strengthened our team of business development managers in recent years,” he added. “They cover a number of regions across England and Wales, and are attending various events nationwide to give brokers the best lending experience. I would encourage brokers to meet with BDMs face-to-face throughout 2023 to talk through their clients’ needs and any complicated cases.”
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