MFS doubles industry first Flip Finance 2017 initiative
Bridging specialist Market Financial Solutions (MFS) has announced that it is doubling the amount of funding available through its industry first initiative FlipFinance2017. The funding drive, launched in late May 2017, is increasing from £20 million to £40 million to meet a surge in demand among prospective property investors requiring fast finance.
MFS launched FlipFinance2017 after its research uncovered the extreme lengths property buyers are willing to go through to finance their purchases. With average UK house prices currently exceeding six times the average salary, MFS’ survey of 1,200 prospective property investors in the UK found that 25%, some 7.68 million people, would consider refinancing their current properties up to three times to support new property investments. Furthermore, 21% of the UK’s property investors admitted that they rely on consumer loans and expensive mortgages to finance new property investments.
Launched to help the nation’s budding property investors and landlords in their fledgling investment projects across the UK property market, MFS’ FlipFinance2017 is a dedicated funding initiative, now worth £40 million, that supports a generation of first and second time property investors.
The drive is targeted at refurbishment and restoration projects, tapping into 1.4 million empty homes across the UK, the highest level for 20 years. Running until June 2018, the £40 million funding drive is available to nationwide applicants in the form of bridging loans ranging from £200,000 to £1 million. Applicants and their asset-backed securities are reviewed based on MFS’ in-house credit analysis and due diligence.
Speaking about the success of the FlipFinance2017 initiative, MFS chief executive officer Paresh Raja, said: ‘The huge demand we have seen for FlipFinance2017 underlines the pressing need for innovative finance within the UK’s property market. With such tremendous value locked in vacant properties across the nation and with too many investors still lacking the financial options necessary to turn them around, this section of the property market risks lying dormant. In order to further support these vital refurbishment and restoration projects, MFS is pleased to announce that it has doubled the size of its industry first FlipFinance2017 funding drive.’