Mayfair Bridging cuts its ties with Connaught

Mayfair Bridging cuts its ties with Connaught




.

 

A bridging lender from the North East has cut all ties with an asset management firm after a deal made earlier this year failed to reach fruition. 

Mayfair Bridging Ltd has released an announcement clarifying its current status with the Connaught Income Fund Series 2 which confirms that the two companies have parted ways.

In February Mayfair had been confirmed, subject to legal agreements, as one of Connaught’s Specialist Partners.

The appointment had meant that Mayfair was due to receive £1 million per month, dependent on the health of the Income Fund Series 2, from Connaught.

The increased funding meant that the lender had planned to both expand its maximum loan amount from £500,000 to £1 million and to consider the introduction of medium term loans up to five years in length.

In a statement released today by Mayfair, however, it was confirmed that any relationship between the two was short-lived and no funding was made available to the lender.

Mayfair Bridging’s directors said: “Mayfair Bridging Limited and Mayfair Bridging 2 Ltd did enter into contracts with the Connaught Income Fund S2 but the relationship never went live. No loans were entered into nor were any funds received from Connaught.

“We wish to assure our intermediaries and packaging partners that it's business as usual.”

Connaught has declined to comment.

 

Leave a comment