Specialist lender Market Financial Solutions (MFS) has unveiled a range of variable rate bridging products that are aimed at offering borrowers with greater flexibility in the current economic climate.
Effective from 1st March 2023, the bridging loans with variable rates from 0.55% in addition to the Bank of England’s base rate will be available throughout the bridging range, with up to 75% loan-to-value (LTV).
The fixed rate products will still be available alongside the new variable rate products for both new and existing clients. MFS, which was established in 2006, can provide loans of up to £50m with terms ranging from three to 24 months in just three days.
It can lend to borrowers with intricate backgrounds on a variety of property types, with underwriting available from day one.
The lender is currently sitting on more than £1bn in funding and aims to expand its loan book to £1.5bn this year.
Paresh Raja (pictured), CEO at MFS, said: “Interest rates have dominated discussions across the property and lending sectors over the past year.
“At MFS, our primary goal is to support borrowers and brokers by providing innovative, dynamic products – the launch of our variable bridging rates is a prime example of this, giving greater choice and flexibility at a time when it is sorely needed.
“There are plenty of borrowers who do not want to commit to fixed terms, preferring a product that will track the base rate should it come back down after a run of hikes from the Bank of England.
“We are empowering these people by giving them the choice: our fixed rate bridging loans continue as normal, but now the variable rates cater to borrowers with different wants, needs and outlooks.
“We are excited to bring this to market and, as ever, will continue to seek ways to improve our offering in line with what brokers and borrowers truly need from specialist lenders.”
