Patron News MFS issues over £30m in loans during lockdown
Hope Capital records huge June spike in enquiries
Market Financial Solutions (MFS) has deployed over £30 million worth of bridging loans during the COVID-19 lockdown so far.
Hope Capital has recorded a stronger June performance than for the same month last year, fuelling growing optimism that the market is bouncing back strongly from the coronavirus freeze.
MFS arranged these bridging loans between 23rd March and 30th June, including both residential and commercial bridging finance. With access to in-house credit lines and a team of experienced underwriters, the NACFB Patron has remained open for business throughout the lockdown. The loans deployed reflect its commitment to supporting growing demand for specialist finance, which has gathered pace in recent months. Paresh Raja, CEO of MFS, said: “We have experienced a notable increase in enquiries from brokers in need of bridging loans for their clients during lockdown. Not only are brokers requesting loans that can be tailored to meet the complex needs of their clients, they are also after loans that can be deployed quickly to ensure deadlines are met and transactions are completed. “That’s why with lockdown measures easing, I am confident the energetic demand for specialist finance will remain high. As highlighted by the value and volume of loans we have completed so far, bridging lenders like MFS will continue to play an integral role supporting property transactions in the UK.” 12 | NACFB
Although many restrictions remained in place, the NACFB Patron received a 189% leap in enquiries from the previous June’s figures. This includes an increase in enquiries from brokers the firm has not previously worked with. The number of formal loan offers also increased by 20% compared to June 2019. At the same time, Hope Capital has delivered even faster response times, with application and underwriting three times faster than in the first quarter of 2020. Over the first six months of 2020, the firm has seen a 14% increase in loans accepted by underwriting and a 31% increase in loans accepted by clients. Jonathan Sealey, CEO of Hope Capital, commented: “These figures are evidence that demand for short-term finance is strong, and growing. With lockdown easing, there is a pent-up demand for borrowing as projects that were put on hold in spring are put back in motion. “The strong demand we have seen also reflects the range of products we have made available to meet borrowers’ diverse needs in the post-lockdown world.”
