The decision in principle for the case was created on 20th October, with the valuation taking place on 15th November and the loan delivered two weeks later.
According to the lender, they now have a healthy pipeline of deals under instruction, expected to be completed over the coming month and has received more than £100m worth of enquiries during the first two months of the pilot.
MFS’s BTL mortgages are being trialled through a selection of just 17 brokers ahead of its full launch in early 2022. The products are suitable for clients in complex situations, as well as corporate or overseas structures, including offshore companies, trusts and foreign nationals.
The company will lend for a wide variety of strong yielding property types, such as very large HMOs or multi-unit blocks through to holiday lets. MFS is offering a super flexible interest cover ratio (ICR) from 80%, which can then be combined with rolled up and deferred monthly payments, deferred interest of up to 1%, and top-slicing.
Paresh Raja (pictured) said: “The first two months of our BTL pilot have gone extremely well – we’re delighted with the number of solid enquiries we’ve had, and it’s great to see deals already coming to fruition. It shows that we can deliver the same speed and high levels of services, even when offering a BTL mortgage product rather than our traditional bridging finance. The team is very excited to roll out the BTL proposition more widely in the coming months.”
Mike Cook added: “The transition into the BTL mortgage space is a natural fit for MFS – it understands the BTL market inside out and will apply its experience in underwriting loans to ensure the right deals can be sourced for brokers and their clients.
“Completing our first deal in such a short period of time, coupled with the number of cases we’re now proceeding with, means we have all the proof required that this is going to be a great addition to the MFS offering. 2022 is poised to be a really exciting time for MFS, and we expect high demand for the BTL products.”