The company has teamed up with three providers for the launch of its bridging finance proposition, namely: Affirmative, Cheval and Lowry Capital. All three providers offer bridging finance on residential and commercial properties and have a wealth of experiences in the sector.
Bridging Finance was traditionally used as a stop-gap for home-movers faced with a non-simultaneous sale and completion situation and were available, at a price, from any high street lender. But in the current climate, bridging can be used in a number of ways; when a chain breaks down or there is a temporary gap in completion dates, for auction purchases when deposits have to be paid on day 1 and completion must take place within the month and for property refurbishment or property development, to name but a few.
Neil Hoare, Associate Director of Marketing & IT, comments: “Historically intermediaries may have been put off bridging finance due to the high costs involved for their clients. But in the current climate the prospect of losing a sale and having to start the buying and selling process all over again in a falling market, is not worth the risk”.
“Bridging Finance will offer intermediaries with a solution if their clients need to borrow short-term finance quickly and will boost their own income stream in the process”.
