New London Bridger Launches

New London Bridger Launches


Chelsea Bridge Finance is set to become the capital’s main lender of short term property finance; it was announced after its recent launch.

Backed by Glasgow property finance house, Munro Bridging Finance (MBF), private investors and Clydesdale Bank, it will target commercial borrowers keen to develop property in affluent central London areas like Kensington, Knightsbridge, Belgravia, Mayfair and of course, Chelsea.


The London bridging branch already has facilities of £20 million available, with predictions that this will increase to between £50 and £60 million by the end of 2009.


Director and shareholder Johnny Turnbull will be running the new operation, commenting “Falling prices in prime central London are compounding the difficulties developers are already facing from the credit crunch when trying to source funding through traditional banking routes to acquire land or property. The area has traditionally been one of the first to recover after a downturn and Chelsea Bridge Finance will help business borrowers combat the credit shortage by providing fast decisions and drawdown for viable development opportunities.” 


Chelsea Bridge Finance will focus on sound fundamentals to ensure their money is secure and avoid any bad debt. Their loan-to-value target will be around 70%, whilst loan periods will range from one month to one year.


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