Mark Posniak, head of marketing and operations at Drawbridge, would not confirm when the bridging lender intended to submit an application to the Financial Services Authority but he said: “We are seriously considering our options on it and are looking to apply to do regulated loans in the near future. We are planning to get regulated.”
Various bridging lenders have become regulated to allow them to lend on residential mortgage contracts, with Masthaven achieving regulated status most recently. Other regulated lenders in the sector include Affirmative, Bridgebank Captial, Commercial Acceptances, United Trust Bank, Tiuta, Cheval and BM Samuels.
Posniak said: “Regulation is an ever moving beast. Right now second charges aren’t regulated by the FSA but in 2012 they will be. We do this type of lending at the moment so this move will be in preparation for the regulatory net expanding. We’re also missing out on doing some regulated residential lending we get enquiries for which we’d like to do more of. That includes chain break bridges.”
