MFS secures £250m in funding

The company said that the additional funding capacity gave it “multiple dedicated funding lines” that would be used to grow its loan book to £1bn by 2023, with large bridging loans and buy-to-let mortgages cited as two key areas of growth.

MFS secured £300m in additional funding in March this year, at the same time as it announced its loan book target.

It started a pilot in buy-to-let mortgages in November last year and launched its buy-to-let range in January this year to complement its bridging proposition.

Paresh Raja (pictured), chief executive of MFS, said it was delighted to have secured this additional funding from one of its “well-respected global investors” and this would “greatly accelerate” growth in its bridging and buy-to-let product line.

He added that it would allow them to meet their goal of increasing its loan book to £1bn by early 2023.

Raja continued: “That we have existing investors keen to increase their funding into MFS underlines the strength of the business. Not only are we experiencing high demand from brokers and borrowers – particularly for large loans, buy-to-let mortgages and complex deals – but we also have highly efficient operations.

“We can lend quickly and with the lowest default rate on track, exemplifying the quality of the loans and management of them.”