Market Financial Solutions (MFS) deployed £22 million worth of bridging loans in December 2020, rounding off one of its strongest years on record.
The majority of the loans were used to support property investors who were encountering delays from other lenders, mainly mortgage providers. Others were seeking fast access to finance to take advantage of the Stamp Duty Land Tax holiday, which is due to expire on 31 March 2021.
The London-based lender was able to arrange all loans before closing for the festive break on 24 December.
The news is the latest in a series of company milestones for MFS. The bridging lender recorded its strongest November on record, deploying £45 million worth of loans.
In August 2020 MFS launched its COVID-19 recovery fund – a £60 million pot of available capital to ensure loans can be issued quickly to those at risk of a transaction falling through. Based on the success of this initiative, MFS will continue topping up its recovery fund in Q1 2021.
Paresh Raja, CEO of MFS, said: “December can sometimes be a quieter month, with transactions winding down over the festive period. But not in 2020. With pent up demand created by two lockdowns and the stamp duty holiday running out, we received a significant number of enquiries from those who were facing lengthy delays from, or had been let down by, other lenders.
“Even with the challenges posed by the pandemic, I am pleased to say that these loans were able to be arranged within days of the initial enquiries being received. And we expect to remain very busy in the months ahead – positively, the MFS team is ready to support those in need of fast, bespoke finance in 2021.”