Brokers have expressed concerns over the announcements of bridging lenders Mathon Finance and Excel Securities, going into administration, joining Link-bridging who ceased trading a few months ago. These concerns are to be expected as brokers have already witnessed a traumatic demise of secured loan and mortgage lenders in recent years. Their concerns focus on the stability of lenders, particularly new entrants and those lenders who have been over ambitious with their products and LTVs. Brokers are now seeking reassurances, for both themselves and their clients that the lenders are stable, can honour the deal that is on offer and that the products have taken into account an achievable and realistic exit route.
Speaking on behalf of Blemain Group, Director, Gary Bailey, said: “We are sorry to hear the news that several bridging firms have recently gone into administration. However, I always recommend brokers assess their lender options and be confident that the lender is experienced, well funded and can fulfil their loan and remuneration commitments.”
Brokers are invited to visit www.brokervenue.co.uk where they can register and access the latest Blemain Group plans and documents.
