Cheval welcomes rival bridging lender

Cheval welcomes rival bridging lender




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Short term specialist lender Cheval has spoken out following the announcement that newcomer Drawbridge Finance will be entering the sector at the beginning of next year. 

The bridging lender has welcomed the newcomer, with CEO Alan Margolis explaining: “After losing a number of participants in the short term bridging sector over the last two years, it is refreshing to finally see that someone has the courage and, hopefully, the resources to launch a new bridger.

“Cheval welcomes new blood and increased competition. The new entrant will soon learn that the bridging sector is primarily about service – something which we are rightly passionate about and well known for.”
 
Drawbridge Finance has said that its intention for next year is to become the “leading lender in the short term lending space”, and has already joined the sector’s trade body – the Association of Short Term Lenders (astl) – something Cheval has praised, saying it will add weight to the Association's ability to represent the sector, especially with regard to a response to the FSA's Mortgage Market Review.
 
However, the arrival of Drawbridge Finance is made more interesting by the fact that it has recruited Cheval's former director of marketing, Mark Posniak. Despite Cheval professing that they are still close to their former employee and wish him well, it looks like a bit of healthy competition and good natured rivalry between two lenders is just what the sector needs in 2010. Let the games begin…

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