MFS Launches BTL Mortgages – PropertyWire
Market Financial Solutions (MFS) has enhanced and launched its buy-to-let (BTL) mortgage products, making them available to all brokers and direct clients.
The bridge lender has been piloting BTL products since October 2021 with 17 intermediary partners. Building on the success and strong demand of the trial period, he officially launched the mortgage line.
MFS is building on its 15 years of experience as a specialty lender working with real estate investors and brokers to now apply its expertise, speed and flexibility in the BTL mortgage space.
The new BTL venture is led by Mike Cook, who joined the company last year as director of mortgages. He has over 20 years of experience in the specialty mortgage business and is therefore well equipped to find the right product for brokers and their clients.
MFS BTL mortgages offer truly specialist and professional combinations, allowing loans up to £3m at 75% LTV, portfolios up to £10m, foreign nationals, foreign companies and trusts , less-than-perfect credit, and high-yielding property types, such as large HMOs, multi-unit buildings, and vacation rentals.
The London-based lender offers a super flexible interest coverage ratio (ICR), which can be combined with monthly accrued and deferred payments and deferred interest. This can support prime properties in London and help avoid failed transactions, delays and lost fees.
With terms of two or three years and a tailored approach, the loans provide an option and respite between bridging or initial purchases and future long-term financing. Pay rates now start from 3.79%, with product fees from 1.5% and commission from 1%.
Paresh Raja, CEO of MFS, said, “Following the success of the three-month pilot project, we are delighted to announce the enhancement and full launch of our BTL mortgages. With over 15 years of experience in the bridge industry, we will take the speed, flexibility and high level of service that we are known for and apply those qualities within the BTL mortgage space. We expect strong demand for the products and look forward to further strengthening our offering throughout 2022 to better meet borrower needs. »
Mike Cook, CMO of MFS, added: “The BTL mortgage space is a natural fit for MFS – they understand the BTL market thoroughly and will apply their experience in loan underwriting to ensure the right deals can be found for brokers and their clients. . We experienced significant demand during the pilot, which demonstrated the need for products like ours, as well as the trust BTL brokers and investors place in MFS to provide the loans they need.