Market Financial Solutions (MFS) has launched its buy-to-let mortgage range to all brokers and direct clients.
The bridging lender has piloted the buy-to-let products since October 2021 among 17 intermediary partners and has now officially rolled out the mortgage range.
The new buy-to-let business is headed up by Mike Cook, who joined the company last year as chief mortgage officer (CMO) and has over 20 years’ experience in specialist mortgage lending.
MFS’s range allows loans up to £3 million at 75% LTV, portfolios up to £10 million, foreign nationals, overseas companies and trusts, less than perfect credit, and strong yielding property types, such as large HMOs, multi-unit blocks and holiday lets.
The London-based lender says it is offering a “super flexible” interest cover ratio (ICR), which can be combined with rolled-up and deferred monthly payments and deferred interest. This can support prime London properties and help avoid failed transactions, delays, and lost fees.
It offers two or three-year terms and a bespoke approach, with pay rates starting from 3.79%, with product fees from 1.5%, and a 1% commission.
Paresh Raja (pictured), CEO of MFS, said: “Following the success of the three-month pilot, we are delighted to announce the enhancement and full launch of our buy-to-let mortgages. With more than 15 years’ experience in the bridging sector, we will be taking the speed, flexibility and high level of service that we are known for and applying these qualities within the buy-to-let mortgage space. We expect high demand for the products and look forward to bolstering our offering even further throughout 2022 to best meet borrowers’ needs.”
Cook added: “The buy-to-let mortgage space is a natural fit for MFS – it understands the buy-to-let market inside out, and will apply its experience in underwriting loans to ensure the right deals can be sourced for brokers and their clients. We experienced significant demand during the pilot, which demonstrated the need for products like ours, as well as the trust that brokers and buy-to-let investors have in MFS to deliver the loans they require.”
