The firm has reported seeing a new generation of customers who were previously funded by high street banks. Now in the face of an unwillingness to lend, particularly for smaller schemes and development, this customer group are looking for a sound alternative.

Steve Barber, Managing Director of Bridging Finance Solutions, said: “Whilst there is a general notion that bank lending is on the increase, we are seeing that their appetite is steered more towards larger commercial and residential developments and smaller loans are often rejected.

“This in turn is translating into an upshift in lending for us, as brokers, companies and individuals look increasingly to bridging to help them seal the deal.”

Customers are also recognising the benefits in terms of speed and flexibility that bridging can offer.

Steve added: “Our ability to turn deals around within days rather than weeks is incredibly attractive to customers who can only get the best deal if they can complete often within a pretty tight timeframe. This then gives the customer the breathing space to secure long term funding with their preferred lender.

“Our products really do work with, rather than compete against, high street lending – they complement what the bank offers by providing a short term bridge, enabling the customer to get to where they need to be. 

“Traditionally, banks were keen to distance themselves from bridging, but this attitude is shifting and we are working alongside banks and aligning ourselves with them more and more to provide effective client solutio

 CASE STUDY

A property deal has been salvaged thanks to a fast moving partnership between Bridging Finance Solutions and mortgage broker, Mortgage & Insurance Needs.

Wirral-based Mortgage Needs was approached by a local developer who had purchased a property via auction but was unable to secure an additional 90% funding within the given four week auction timeframe.

Following completion of due diligence, Bridging Finance Solutions and Mortgage Needs were able to complete the deal within five working days.

Steve Barber, Managing Director of Bridging Finance Solutions said: “This was an incredibly fast paced project due to the pressing nature of the financial deadline. An auction agreement is a legally binding one and once you have paid the 10% deposit, the additional payment must be made within 28 days. Unfortunately here, the bank was unable to offer the funding and an urgent interim solution was needed.”

Steve added: “We have some fairly robust internal processes and IT systems in place that enables us to manage the processing element seamlessly, allowing us to complete within incredibly tight timeframes. We also have a highly experienced team in place who’s understanding of the market is critical to our success.”

Graham, Allsop, Director of Mortgage & Insurance Needs added: “This deal really does demonstrate the effectiveness of bridging. Unlike traditional bank funding, deals can be done incredibly quickly and efficiently.

“The property has since been re-financed and secured with a very happy end client. Bridging is an excellent short term solution that we are increasingly proposing as a viable and credible option.

“The team at BFS demonstrated their professionalism, willingness and ability to go the extra mile here to meet all of our objectives and expectation.”

Article accredited to Bridging Finance Solutions