Bridging lender records £16m December

Bridging lender records £16m December




An intermediary-only finance provider marked off its first full year in the bridging market by completing over £16 million worth of bridging loans in December.

An intermediary-only finance provider marked off its first full year in the bridging market by completing over £16 million worth of bridging loans in December.


Precise Mortgages has announced this morning that it saw off 2012 with an exceptionally busy month of bridging.

Of the £16 million of loans completed by Precise, the largest was a £5.6 million bridge submitted by Positive Lending which completed just in time for Christmas.

The funds in the deal were used to refinance an existing bridging loan on the books of a lender in administration, to refurbish a substantial property in prime central London and to take out a first charge held by a high street lender.

Alan Cleary, Managing Director at Precise Mortgages, said: “2012 was our first full year in the bridging market and we are very happy with the quality of the loans we have originated. 

“From a service perspective, we ended the year much better than we started and the feedback and rising business volumes is testament to that. We have allocated a significant uplift in funds to bridging in 2013 and expect to continue in the way we finished 2012.”

Paul McGonigle, Managing Director at Positive Lending, added: “December was the best month on record for us. This was a result of a dedicated introducer base and a team that understand client needs and delivering client expectations.  

“This can only be achieved if you understand the strength of your lending partners and it comes as no surprise that our strong performance mirrors the growth of Precise Mortgages. Indeed, we wrote more cases in December exceeding £1 million with Precise as we trust their team to support our principles of service deliverance and treating customers fairly.  

“I am sure that 2013 will see rapid expansion for Precise Mortgages and we look forward to helping them achieve this.”

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