Bridging company warns businesses to be “very shrewd next year”

Bridging company warns businesses to be “very shrewd next year”




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Finance director of Bridgingloans.com, Ryneveld van der Horst, sums up the past year for the bridging sector and looks ahead to 2009: 

“I’ve worked in the financial industry all my life, it’s been very exciting but 2008 was a tough year. Bridgingloans.com managed to do good business and we’ve obviously still got the support of the wider broker industry.

 

“I’d like to think we won Bridger of the Year because we do what it says on the tin. We may not always say yes but brokers voted for us because they know where they stand. People want a straight answer: yes or no. We turn over cases quickly and we’re flexible in the way we work with people, in meeting their needs, and in finding the best solution for them.

 

“The best part of this year has been not just staying alive but coming out in fighting form to help businesses and we’ve managed to keep a lot of them happy.

 

“However there will be some things everyone will be glad to leave behind. Last year everyone knew that something was going to happen in the property market, but no one knew quite how big it was going to be. We now know much more about the scale of it, so to a large degree, the false security that existed is something I’m glad is gone.

 

“People will now have to be very, very shrewd with their strategies going forward. Next year is not going to be the kind of year in which you’re looking to double your book, you have to be very careful in the business you do.

 

“The plans for Bridgingloans.com next year are to consolidate and strengthen our relationships with intermediaries. We always strive to improve our service levels and business offerings – so we can win Bridger of the Year 2009!”

 

Also commenting on the recent figure that 30% more UK companies are putting their debts into a single bridging loan, Mr van der Horst said: “Whilst some people do use bridging loans as a credit repair product, it all depends on the exit strategy. A bridge is only as good as its take-out. As long as people are mindful of whether they’re really helping someone, and there’s an exit strategy in place, it’s happy days.”

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