Market Financial Solutions has launched a new range of variable rate bridging products to provide borrowers with greater optionality in the current economic climate.
As of 1 March 2023, the specialist lender is offering bridging loans with rates from 0.55% plus the Bank of England’s base rate. The variable products are available across the entire bridging range, with a loan-to-value (LTV) of up to 75% available.
Market Financial Solutions has launched the variable rates to provide more flexibility across its bridging range. Fixed rates are still available alongside the new variable rate products, which are on offer to both new and existing clients.
Founded in 2006, Market Financial Solutions specialises in handling large and complex cases at pace, offering loans of up to £50 million, with terms between three and 24 months, in as little as three days. It can lend to borrowers with complex backgrounds on a wide range of property types, with underwriting available from day one.
Market Financial Solutions is currently sitting on more than £1 billion in funding and is on track to achieve its goal of growing its loan book to £1.5 billion in 2023.
Paresh Raja, CEO at Market Financial Solutions, said: “Interest rates have dominated discussions across the property and lending sectors over the past year. At Market Financial Solutions, 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.”
The London-based lender also launched its buy-to-let (BTL) mortgage range in January 2022, and the product has seen significant demand within the first year. Market Financial Solutions has a target to reach £500 million of BTL mortgages issued by the end of 2023.
Download the product guide here.
