Bridging lender announces £120m redemptions to date

Bridging lender announces £120m redemptions to date




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West One Loans has announced that it received 28 loan redemptions during October, totalling almost £9 million. 

The specialist provider of short term bridging finance has also revealed that it has achieved almost £120 million of redemptions to date, reflecting the on-going health of the short term finance sector.

The current state of the market means that many property investors are faced with a lack of high street options so are re-evaluating their financial strategies and recognising that a bridging loan makes real sense. 

Such short term financing allows for valuable breathing space before more mainstream lending can be put in place. 

Commenting on the announcement Duncan Kreeger, Chairman of West One Loans, said: “The bridging market has evolved significantly due to the limited options available on the high street and the fact we have almost reached £120 million of redemptions, with 28 loans redeemed in October alone, reflects things are starting to move in the right direction for borrowers with a well thought out exit plan.

“It's really encouraging to see such a significant increase in the numbers of cases where a bridging loan continues to provide affordable options to investors looking to grow their property portfolios.

“The industry is in excellent shape, and with more and more borrowers actively seeking out alternative funding providers to fill the void left by the mainstream banks, it is evident that bridging finance is now being viewed as an integral part of the lending mix.”

 

1 Comments

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    Paul

    The fight for survival begins with a bizarre random press statement to limit the damage of refusing to pay investors their money back.

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