Market Financial Solutions (MFS) has completed its first buy-to-let loan following the soft of its proposition.
The lender began the soft launch of a new range of buy-to-let products in October and has received more than £100 million worth of enquiries during the first two months of the pilot.
On 29 November, MFS completed its first buy-to-let mortgage. The decision in principle for the case was created on 20 October, with the valuation taking place on 15 November and the loan delivered two weeks later.
MFS’s buy-to-let mortgages are being trialled through a selection of 17 brokers ahead of its full launch in early 2022. The products are suitable for clients in complex situations, as well as corporate or overseas structures, including offshore companies, trusts and foreign national.
The company will lend for a variety of strong yielding property types, such as very large HMOs or multi-unit blocks through to holiday lets. MFS is offering a flexible interest cover ratio (ICR) from 80%, which can then be combined with rolled up and deferred monthly payments, deferred interest of up to 1%, and top slicing.
Paresh Raja (pictured), CEO of MFS, said: “The first two months of our buy-to-let pilot have gone extremely well – we’re delighted with the number of solid enquiries we’ve had, and it’s great to see deals already coming to fruition. It shows that we can deliver the same speed and high levels of services, even when offering a buy-to-let mortgage product rather than our traditional bridging finance. The team is very excited to roll out the buy-to-let proposition more widely in the coming months.”
Mike Cook, chief mortgage officer at MFS, added: “The transition into the buy-to-let mortgage space is a natural fit for MFS – it understands the buy-to-let market inside out, and will apply its experience in underwriting loans to ensure the right deals can be sourced for brokers and their clients.
“Completing our first deal in such a short period of time, coupled with the number of cases we’re now proceeding with, means we have all the proof required that this is going to be a great addition to the MFS offering. 2022 is poised to be a really exciting time for MFS, and we expect high demand for the buy-to-let products.”
