Market Financial Solutions (MFS) is extending its iPhone 12s giveaway until 31 March 2021.
Launched on 26 October 2020, MFS has been giving away iPhone 12s to borrowers and brokers who take out a bridging loan with the company. The initiative has been extended until the end of March, while the minimum loan amount to qualify has been reduced from £500,000 to £400,000.
The announcement comes in response to MFS experiencing a surge in enquiries following the launch of the giveaway. Last year, the London-based lender recorded its strongest November on record, deploying £45 million worth of bridging loans, followed by the deployment of £22 million worth of loans in December.
MFS remains committed to delivering bespoke bridging loans within days of receiving an application. Its iPhone giveaway seeks to reward the brokers and borrowers it works with, while also further incentivising people to act on their property-buying intentions and aid the market’s recovery from the COVID-19 pandemic.
Paresh Raja, CEO of MFS, said: “Since the launch of the iPhone 12 giveaway in October, the team has been busy fielding enquiries from brokers and borrowers seeking fast, bespoke loans. Based on this positive response, it made sense to extend this giveaway until the end of March 2021.
“The stamp duty holiday ends on 31 March 2021, which means many prospective buyers are looking for ways to quickly complete on transactions during this short window of opportunity. There is a big risk that mainstream lenders will not be in a position to deploy finance by this deadline, which is why I expect an increase in demand for bridging loans over the coming months.”
Apple’s iPhone 12 was released in the UK on 23 October 2020. It boasts an improved camera, a new Super Retina XDR OLED screen (which is four times stronger than before), a powerful A14 Bionic processor, and access to 5G data speeds of over 300Mbps.