New bridging lender enters the intermediary market

New bridging lender enters the intermediary market



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Global Bridging PLC is looking to step into the intermediary market due to an expected increase in funding lines….

Global Bridging PLC is looking to step into the intermediary market due to an expected increase in funding lines.

Global Bridging is currently organising extra funding lines, details of which could not yet be disclosed, and from this it will be able to branch out into the intermediary market. 

The principal bridging lender currently offers four key products; first charge residential investment, second charge residential investment, a commercial product and a light refurbishment offering. Global is also working on plans to launch a Bridge To Let product in the near future. 

The stand-alone lender’s structure has been developed for securitisation, where its growth plan has accelerated over the last couple of months.

Global intends to accumulate market share over the next year and become a contender within the £100 million-plus loan book arena.  

Commenting on its advances into the market, Gary Poulton, Chief Operating Officer, said: “This is an exciting time for Global Bridging PLC – We have spent a long time defining processes and procedures and implemented the relevant technology to process our loans in a speedy professional manner. It is our aim to become one of the front runners within the bridging space within the next 12 months.” 

Gary added: “We are inviting the intermediary market to introduce their deals to us and experience our slick processing procedures. Our clients and introducers speak directly to decision makers who are managing our own fund, we do not have to go out to investors or a syndicated fund for decisions. We are currently developing new and exciting products that we will be introducing to the market in the very near future.”

Trevor Pothecary, Chairman of Global Bridging and mortgage industry veteran and founder of Mortgages plc (sold to Merrill Lynch in 2004 for in excess of £100m) said “This is a very exciting opportunity for Global Bridging and for me personally as one of the founders of Global.  Global Bridging has been set up off the back of a successful broker as we did with Mortgages plc in the mid 1990s, which is a proven, winning model.  Global Bridging is well positioned to provide short term mortgage solutions to many borrowers over the next few years as a result of the work we have done to date on setting up robust underwriting systems, attracting an extremely strong management team and securing significant financial backing to provide certainty of funding to our borrowers.”

 

 

 

 

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