MFS completes £18m of bridging loans during lockdown

The lender has adhered to social distancing rules while dealing with enquiries and processing applications, including carrying out on-site valuations.

Highlights from the period starting 23 March include a £500,000 bridging loan to help a client based in northern Italy complete on a property transaction in south London.

The loan ensured the client could meet their deadline and not lose their deposit.

MFS said its access to immediate credit lines means it can deploy bridging loans soon after an application has been received.

Paresh Raja, chief executive of the lender, said: “Even with the obstacles posed by the Covid-19 lockdown measures, our team of underwriters have demonstrated great skill in deploying bridging loans with the same high level of professionalism.

“Our flexible and creative approach means we have been able to take on new enquiries and issue loans quickly, all the while adhering to social distancing measures.

“As a result of the pandemic, we are seeing more and more lenders not able to accept new loan applications.

“Others are taking longer to issue finance, and that’s why property buyers and brokers are looking to specialist finance lenders to bridge funding gaps.

“At the same time, it is making more people aware of the advantages bridging loans have to offer.”