Specialist lender Bridgebank Capital has confirmed it is no longer offering regulated bridging loans….
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div>Specialist lender Bridgebank Capital has confirmed it is no longer offering regulated loans.
According to the FCA, Bridgebank’s status is “no longer authorised,” where its regulated status was only effective up until May this year.
David Fenwick, Head of Compliance at Bridgebank Capital confirmed the lender was no longer offering regulated loans, stating that the covenants with its current funders did not “facilitate making regulated loans”.
“In accordance with FCA rules therefore it was only right and proper not to hold such authorisations when we had no intention of carrying out any regulated lending,” David added.
“However, in the event that we access funds in the future that can be used for regulated lending, then at such time we will contact the FCA for the relevant authorisation.”
Bridgebank currently offers residential bridging loans, semi-commercial bridging loans and commercial bridging loans on its website.
Bridgebank launched its ‘large loans’ brand, Quantum, last year, which specialises in providing bridging and short term loans over £1m as well as development and structured real estate finance.
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