MFS cuts bridging rates and Catalyst relaunches Proctober initiative – round-up

It will offer a rate of 0.95 per cent for commercial loans at 60 per cent loan to value (LTV) and 1.09 per cent for commercial loans at 75 per cent LTV.

This is down from 0.99 per cent and 1.15 per cent respectively. These changes also apply to its semi commercial range.

It has also improved its second charge loan rate, with loans at 50 per cent LTV priced at 0.89 per cent, down from 0.99 per cent.

For loans at 60 per cent LTV rates have fallen from 1.15 per cent to 1.09 per cent, and for 70 per cent LTV loans have fallen from 1.25 per cent to 1.19 per cent.

MFS chief executive officer Paresh Raja (pictured) said that at the end of the stamp duty holiday the property market would go through a period of transition until the end of the year.

He said: “For MFS, we always want to ensure our products are a perfect fit for where the market demand is – we are seeing increased interest in commercial and semi-commercial investments, as well as for larger loans, so we have improved our offering in these areas.”

Catalyst Property Finance reintroduces Proctober initiative

Catalyst Property Finance has relaunched its Proctober initiative, which pays enhanced bridging proc fee along with a donation to Motor Neurone Disease Association.

The proc fee is 2.25 per cent, up from regular proc fee of two per cent, and brokers need to submit enquiries to the lender in October and the enhanced fee will be automatically added. The loan must fund by 24 December

The lender launched the campaign last year, with donations going to Hope for Food.

Catalyst Property Finance’s chief executive Chris Fairfax said: “Following the success of last year’s Proctober campaign, we’re excited to give bridging brokers another boost this autumn.”