Market Financial Solutions (MFS) is launching a pilot for a new range of semi-commercial and commercial term buy-to-let (BTL) mortgages. 

Available initially to a set group of brokers from the specialist lender’s panel, the new products will allow borrowers to benefit from commercial term BTL finance at bridging speed, with loans delivered in as little as a week.

The semi-commercial and commercial products will be available between £150k and £1.5m per unit, and up to £10m per ultimate beneficial owner (UBO).

Borrowers will be able to roll-up interest for a maximum of six months and defer up to 1.5% of interest. 

Both mortgage products will offer loans up to 70% LTV, and an interest coverage ratio (ICR) of 130% for all customer groups.

MFS will also lend to a broad range of borrowers and business types, an abridged list includes; owner occupiers in their own premises, retail, offices, serviced apartments, those with adverse credit histories, PBSA, complex borrower structures, and first-time commercial landlords. 

Whilst permitting light refurb and fit-out (ideal during initial rolled months whilst no direct-debit), MFS can also link with an initial bridge for more complex situations. 

The pilot will last until the end of the year and evolve with feedback from its intermediary partners, with the intention of launching fully in the new year.  

MFS chief mortgage officer Mike Cook comments: “The fact that brokers and their clients can utilise deferred and rolled-up interest to maximise their loan size will likely prove popular, while the speed at which mortgages can be delivered will be another differentiator.

He adds: “ We know that there has been undersupply, service challenges, and restrictions in many areas of commercial finance, and we constantly get requests for such a product.  many property investors are considering opportunities.  These new products are designed to enable property investors to seize opportunities with confidence.”