Market Financial Solutions (MFS) deployed £22m worth of bridging loans in December, to sign off from 2020 with one of its strongest years on record.
 
The bridging lender revealed the majority of loans were used to support property investors who were encountering delays from other lenders, which it suggested were mainly from mortgage providers.

Other investors were seeking fast access to finance to take advantage of the stamp duty holiday, which is due to expire on 31 March 2021, MFS added.
 
The London-based lender arranged all loans before closing for the festive break on 24 December which followed the strongest November on record for MFS, when it deployed £45m worth of loans.

“December can sometimes be a quieter month, with transactions winding down over the festive period,” said MFS CEO, Paresh Raja. “But not in 2020. With pent-up demand created by two lockdowns and the stamp duty holiday running out, we received a significant number of enquiries from those who were facing lengthy delays from, or had been let down by, other lenders.”

Last August, MFS launched a COVID-19 recovery fund – a £60m pot of available capital to ensure loans can be issued quickly to those at risk of a transaction falling through – and indicating the success of the initiative, the lender said it will continue topping up the recovery fund in Q1 2021. 

“Even with the challenges posed by the pandemic, I am pleased to say that these loans were able to be arranged within days of the initial enquiries being received,” Raja continued.

“We expect to remain very busy in the months ahead – positively, the MFS team is ready to support those in need of fast, bespoke finance in 2021.”

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