Prolific businessman and the world’s largest independent bookmakers, Fred and Peter Done, have pledged to pump up to £25million into Manchester-based bridging lender, Goldentree Financial Services.
Fred and his brother Peter have been putting thier own money behind Goldentree Financial Services with the vision to aid movement in what they believe to be “a stagnant property lending marketplace”.
Goldentree Financial Services provide secured bridging loans for the commercial and buy-to-let property sectors.
Commenting on the venture, Fred Done said: “It’s no secret that it has not been the best of times for the property market and the people operating within it.
“Today, even as the sector begins to recover, it is still difficult for many companies and individuals to get the quick short-term finance solutions they require to secure property due to the maze of banking demands.”
Through his other businesses Mr Done has developed an acute knowledge of the financial and property lending markets and the obstacles posed by the banks lengthy decisions process.
The bookmaker believes that by investing in Goldentree he will help to make the facility of short-term funding available to the brokers, individuals and companies who require short-term financial solutions, but don’t have time to wait on the bank’s decision-making process.
“We have experienced some tough times, and I hope that by making funds available I can kick start lending during a difficult property climate,” he said.
Goldentree Financial Services have a six-strong team operating on a national level, with their new development strategy being led by Barry Nightingale, Finance Director of Betfred, who has twenty years consumer financial services experience.
Working alongside Barry, and heading up the team at the lender’s Warrington offices, is Darryl Lee. He said: “Having the backing of an individual such as Fred Done, gives Goldentree the advantage over other lenders and it demonstrates to consumers and introducers that we have the money to lend.
“What’s more, as the market improves, and introducers look to borrow more, they’ll know that a lender backed by someone featured in the top 100 of The Sunday Times Rich List is likely to lend.”
Darryl has 30 years experience in the property industry in development and investment, giving him a strong understanding and knowledge of the sector.
As part of their new strategy Goldentree have re-launched their website, with the addition of a secure application form to enable them to process enquiries more efficiently.
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