The service aims to provide clients with a quick decision and release of funds for completion of property deals within seven days of application.
CFS believes there is a need for the bridging service for its overseas property-buying clients, particularly in Spain, where banks are often slow in meeting the timescales of builders and developers. The new service from CBF will assist property purchasers both in the UK and overseas.
Commenting on the move, Kevin Fleury, said: “UK high street lenders often take upwards of four weeks to approve a loan and we have become increasingly aware of the problems many purchasers experience in releasing funds to complete their house purchase or building scheme.
“The new service, which is open to everyone, gives applicants a decision immediately and the funds within seven days, with loans running between one and 12 months,” he added “Because our service is based on either commercial or residential property value, and we offer the flexibility of working on a project by project basis, we are able to respond quickly and supply sufficient funds to meet almost anyone's needs.”
