“…It is important for borrowing customers to remember that they have a contractual responsibility in relation to the interest payments due,” says Vic.
“Bridging lenders… have their investors and funders to consider and, in turn, do not want to be in breach of their commitments.”
Vic is encouraging clients who are experiencing financial distress to talk to their lenders about the situation.
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A statement by the ASTL highlighted that the bridging market continues to be open for business, with lenders finding innovative ways to keep lending.
“It’s at times like these when the resilience and innovation of the short-term lending sector comes to the fore,” said Vic.
“We have seen lenders introducing new technology and processes to ensure they are able to continue to deliver vital funds for customers, and even received new membership enquiries for the ASTL.”