Market Financial Solutions’ (MFS) has obtained a commitment to £50 million of funding from an institutional funder for its recently-launched 753 (75-cubed) initiative.
In May, the bridging lender unveiled 753 as a means of fast-tracking residential deals as the stamp duty holiday tapers down. It committed £75 million of funding for residential bridging loans at a loan to value of 75% and an interest rate of 0.75%.
Now, following “high levels of demand” in the three weeks since its launch, an additional £50 million has been added to the funding pot.
Paresh Raja, CEO of MFS, said: “Our new 753 initiative has proven extremely popular. We all know that the property market is booming right now, but buyers need support as they look to secure finance quickly and complete on deals. Our better rates, high LTV and dedicated funding lines are doing just that – we’re super-charging residential deals.
“The additional £50 million funding line is a clear indication of the success of the scheme. In the face of significant demand from borrowers, we’ve partnered with other financial institutions and investors to reinforce funding lines, meaning we can serve an ever-expanded network of clients. We’re excited to see just how many deals we can complete through the 753 initiative in the weeks ahead.”
