COVID-19 has made it more difficult for people to borrow money. Mortgage providers are withdrawing products from the market and lenders are pulling out of deals.
What’s more, some high street banks are taking longer than usual to deploy loans. As a result, this is increasing the risk of property transactions collapsing. And this is why so many borrowers and brokers are turning to bridging lenders.
At Market Financial Solutions (MFS), we remain open for business. Our underwriters are accepting new enquiries on daily basis. And we are one of a few lenders offering on-site valuations. As a result, MFS is able to deliver fast, bespoke bridging loans.
During the lockdown, MFS has deployed nine bridging loans. These loans are supporting people in urgent need of finance to support a property transaction.
For example, we recently completed a £500,000 loan for a client in Northern Italy who was buying a property in South London. Failure to complete the transaction would have result in our client losing their deposit.
Brokers turn to MFS for support
Throughout the COVID-19 pandemic, MFS has been in regular contact with brokers. While other lenders have reduced their products and services, we remain dedicated to deploying bridging loans for their clients. And as ever, no case is too complicated.
Social distancing measures have posed challenges for some lenders; brokers may find the lenders they regularly deal with are retreating from the market. MFS, however, has been quick to adapt. That’s why our broker network is expanding.
We are also implementing new systems to enhance our existing services. Most recently, we launched a new CRM system. After months of building and testing, this new system ensures enquiries can be processed seamlessly, which speeds up the delivery of a loan even further. It is all part of our commitment to prioritise the needs of our clients and brokers.
The coming months will be busy. And with five bridging loans in the pipeline, demand for specialist finance from MFS is high.
For more information about our current bridging loan products and services, get in touch today by emailing firstname.lastname@example.org.