At a time when many in the financial services sector are suffering from the slowdown in the property market, North West mortgage broker, Mortgage Needs, is bucking the trend after completing a major expansion project.
The Wirral-based broker has predicted that it will significantly increase its workforce within the next 12 months.
With a funding package from short term finance company Bridging Finance (NW) Ltd, the firm has acquired and refurbished 1,000 sq ft of new office premises. The project was funded with a bridging loan of 70 per cent of the property’s valuation.
Graham Allsop, managing director of Mortgage Needs, said: “Now more than ever people are seeking impartial financial advice and the backing we received from Bridging Finance (NW) has put us in a strong position to continue this success.
“Like many other businesses, we have found obtaining bank funding to be a much more protracted process at the moment. The bridging loan ensured we didn’t miss out on a great opportunity to expand our offices while we arranged long term finance.”
Steve Barber, director of Bridging Finance (NW) Ltd, said: “We are seeing a rise in healthy businesses choosing short term finance to meet their objectives due to the lack of liquidity in the banking sector.
“With property prices falling there are some very attractive deals on the market for those with access to funds. Bridging finance is becoming increasingly popular as one of the quickest and simplest ways of drawing down capital.”
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