Based on its own figures, it is currently taking 150 days from application to completion of a prime commercial mortgage, compared to 85 days in 2007. The delay means more and more people are reverting to bridging loans, which the company is turning round in just 15 days. Figures lent this year have ranged from £20,000 to £2 million.
Roger Dewsbery, senior underwriter at Crystal Commercial Funding, said: "It is a frustrating time for applicants as the major high street banks drag their heels, but it is a situation that has become all to common in the current economic climate.
"That said, the bridging facility is being used effectively by auction houses and commercial companies to address the gap, and we are glad to be in a position where we can help businesses move forward in a safe and hassle-free manner."
