Bridging lender redeems first £1m Scotland deal

A City-based short term lender has seen a significant increase in its lending since expanding its proposition north of the border, and it has just completed on its first £1 million-plus Scotland loan.

Keith Aldridge, Managing Director of Capital Bridging Finance (CBFL), commented: “This particular deal involved the conversion of an old warehouse into serviced offices, facilitated with stage payments.

“The broker’s ability to turn this loan into long term finance was excellent and was a big reason as to why we agreed the deal.”

Scotland currently represents 11 per cent of CBFL’s loan book. It’s the lender’s second biggest area of lending, after London and the South East.

The types of deals that CBFL are currently seeing range from residential investment, refurbishment and commercial lending on offices to retail.

Keith added: “We did a great deal of research ahead of embarking on our Scottish lending programme and we are delighted that cases are completing on schedule and we have another satisfied investment client who be returning to us.”

Wolverhampton-based specialist broker John Singh of Express Financial Services, who introduced the case to CBFL, said: “Scotland has a great deal to offer if you know the market, not just in the three major conurbations. Few days go by without an enquiry and I look forward to completing many more cases with Capital Bridging Finance now that they are established as a major provider of short term funding solutions north of the border.”

CBFL is actively looking to expand its business in Scotland and is currently expanding its panel of lawyers and valuers there.

Keith added: “Moving forward, we definitely want to be seen by brokers as the bridger for Scottish enquiries.”