Recently renamed short term lender Bridging Finance Solutions, formerly Bridging Finance (NW), has been appointed as a preferred finance supplier to the fastest growing network of property auction houses in the UK.
The firm will offer a tailored service to customers of Auction House, the UK’s fifth largest auctioneer, currently accounting for 4.5 per cent of all property auction sales nationally.
The appointment follows Bridging Finance Solutions revealing a recorded 41 per cent increase in turnover in the year since April 2009.
The firm recently completed a major rebrand to reflect its national growth after seeing a 42 per cent increase in lending outside the North West for the first half of 2010.
Steve Barber, director of Bridging Finance Solutions, said: “Auction House has enjoyed impressive growth over the past few years and I’m looking forward to building on what will be a mutually beneficial relationship for our businesses.
“There’s significant demand for fast, accessible finance in the property sector. Many investors are still finding it difficult to secure funding from mainstream lenders in order to complete property sales and carry out refurbishment works. As Auction House’s preferred finance supplier we will be able to help many more investors meet their objectives.”
Founding Director of Auction House Roger Lake said: “As mainstream banks reduce their exposure to the refurbishment market, more of our buyers are moving to specialist short-term finance arrangements. In Bridging Finance Solutions, we’ve found a firm with a proven ability to provide those needing funds for property improvement quickly and efficiently.
“In return, Bridging Finance Solutions will have access to buyers at our unrivalled network of 150 estate agency branches and 20 regional auction rooms across the UK, where our unique ‘Best Price, Certain Sale’ service means that we can offer repossessions first by private treaty, and then via the auction route, if remaining unsold.”
Bridging Finance Solutions Ltd was established by former management consultant Steve Barber in 2005 and has since arranged more than £40 million of bridging and development loans.
In April 2009, the company launched the Short Term Business Finance Fund to help SMEs and private investors hit by the banking sector’s reduced appetite for lending. The fund offers loans between £30,000 and £500,000 for up to six months and generated £98 million worth of enquiries in its first 12 months.
The company was named 'Best Regional Bridging Lender' at the annual Bridging and Commercial awards, held at the Tower of London on 23 June. Judges described the firm as a “natural choice” for the award following the success of the Short Term Business Finance Fund.
Auction House is a national property and land auctioneer franchise run on a license basis by Auction House UK Ltd. It will hold 90 auctions in 2010 and its clients include local authorities, housing associations, plc landlords, government departments and financial institutions.
The company is aiming to grow its network of regional auctioneers from 23 to 50 over the next few years.
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