The lender said the funding, which comes from multiple “global financial institutions”, will be devoted towards growing its loan book across both bridging and buy-to-let mortgage products.
MFS said having multiple dedicated funding lines meant it now had the capacity to grow its loan book to a target of £1bn in the next 12 months, with large bridging loans and buy to let two being key areas of growth.
The lender said its team had doubled in size over the last year, but would be expanding further in the coming weeks. It is currently recruiting across a range of roles, including underwriters, business development managers and marketers.
MFS moved into the buy-to-let market earlier this year, to complement its bridging proposition.
Paresh Raja (pictured), CEO at MFS, said the new funding would “greatly accelerate growth” across its various product lines, particularly buy to let.
He continued: “Following a successful 2021, in which our team grew rapidly, we will now look to hire the best talent across the bridging and buy-to-let markets. In turn, we will reinforce the quality of the products and services that we deliver to brokers and private clients.
“We have bold ambitions, wanting to increase our loan book to £1bn by early 2023. We’re very confident that between our bridging, large loan and buy-to-let products, and with such strong funding lines and great personnel in place, we have all the components in place to meet and then surpass our goals.”