The bridging sector has grown in prominence recently, seeing 16 per cent growth annually. While it is currently worth £1.2 billion, it has been predicted to reach £5.6 billion by 2010, and the pressure is on the sector to ensure its standards have increased.
Mark Posniak, sales and marketing director at Cheval Bridging Finance, said he was hopeful that with the CML’s input, the bridging body could be a reality by the end of 2007.
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Posniak said: “We feel it’s time for this to happen. It could lead to a sector code of conduct and voluntary regulation. This next step is required and for it to work we need to invite all the major lenders to talks. The CML will help us push this through.”
Bernard Clarke, communications manager for the CML, said: “Since the introduction of regulation of the residential mortgage market, brokers and their clients have come to expect a high level of transparency, compliance and customer care. It is now more likely that they will expect similar standards of professionalism from the bridging finance sector.”
Andrew Géczy, managing director of Pure Bridging, said: “We believe that as the bridging industry grows and evolves, the creation of a bridging trade association is a natural step.”
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