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MTF launches regulated bridging up to 65 per cent LTV

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  • 25/01/2021
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MTF launches regulated bridging up to 65 per cent LTV
MT Finance (MTF) has launched a regulated bridging proposition which it said will be focused on service and speed of transactions.

 

The lender has pledged to respond within one working hour with an approval or indicative terms on the initial assessment.

It will then aim to produce a loan contract and mortgage illustration within two working hours of receiving an application and supporting documentation.

Loans are available at up to 65 per cent loan to value (LTV) with rates starting at 0.65 per cent and the range is similar to that of its unregulated bridging.

While there is no overall commitment to completing cases within a set time, a spokeswoman told Specialist Lending Solutions that the lender was equipped to complete cases within two weeks.

“The goal in terms of completions is to ultimately complete transactions as quickly as possible,” she said.

“It very much depends on the transaction and what the deadline for this is. Ultimately, MT Finance is well equipped to complete transactions within two weeks.”

The regulated bridging products are currently available to a selected panel of brokers.

 

Unacceptable timescales

MT Finance commercial director Gareth Lewis (pictured) said the firm believed some lenders had lost sight of what was important for the sector and so had “stripped back to the essentials of bridging finance”.

“Nobody wakes up in the morning wanting bridging finance – they have a specific transactional need,” he said.

“Bridging finance is about providing liquidity and getting transactions done within a tight timescale.”

He added: “A number of brokers have told us that some challenger banks are taking 24 hours to say yes to a transaction on the basis of the information in front of them, with underwriting then taking up to four days.

“We believe these timescales are unacceptable. Their rates may be slightly cheaper but a client may be better off paying more for a product that better suits their needs.

“Every bridging client wants to redeem as quickly as possible so we would argue that rate is less important than getting the deal done quickly.”

Positive Lending is one of the firms offering MTF’s regulated loans.

Its chief executive Paul McGonigle said one of the firm’s first regulated loans with MTF was funded in four days from application.

 

 

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