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BFS reports revenue up 32%

Bridging Finance Solutions has seen its revenue increase 32% year-on-year.

 

The firm remained operational throughout lockdown, and is on track to achieve its targets for 2020.

BFS added that it has adapted its approach to meet the needs of customers during the COVID-19 pandemic, adopting a 100% remote approach.

Steve Barber, managing director of Bridging Finance Solutions, said: “It was fortuitous that we had already invested significantly in new technology and so the switch to 100% online was a fairly straight forward one.

“We also saw a new, emerging customer group of higher value deals in the south of the country who couldn’t access funding from other lenders despite being in the plus £1m bracket.

“For us, every one of our deals counts and requires as much effort to secure a £50,000 bridge or development loan as a £1.5m loan for instance. This has undoubtedly opened new markets for us.

“We are of course living in uncertain times however, I anticipate quarter one 2021 to be incredibly busy.

“Quantitative easing, ultra low interest rates and the introduction of a vaccine will boost confidence and possibly an element of hyperinflation which will inevitably push house prices up and therefore demand.

“This will of course be off set against unemployment levels, which remain to be seen.”

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