Bridging up as borrowers struggle to secure finance

Wed 24 Feb 2016

More and more brokers are turning to bridging loans as their clients continue to fail to secure mortgage finance, research from MTF’s quarterly broker sentiment survey reveals. Tomer Aboody, director of MTF, said: “Bridging finance is plugging a funding gap as borrowers find it more difficult to obtain loans from mainstream lenders implementing tougher affordability […]

LendInvest hires in-house counsel

Thu 21 Jan 2016

LendInvest has appointed an in-house legal counsel to help with regulatory changes and legal provisions. The online short-term property lender has hired Ruth Pearson from Simmons & Simmons where she was a managing associate in the banking team after joining as a trainee in 2007. She will work closely with the company’s heads of compliance […]

Century Capital completes £3m offshore bridge

Thu 21 Jan 2016

Century Capital completed a £3m bridging loan for a British Virgin Islands-based company in four days. The loan was against a against a £15m property in Mayfair at 20% loan-to-value with a proposed term of 12 months, with the lender retaining six months’ interest at the outset. The exit has now been agreed, with the […]

Together cuts rates

Thu 21 Jan 2016

Together has cut rates on its residential mortgage products, bringing them down to 6.69%. The new rate represents a cut across its full range of niche products, including 2.9% on shared ownership mortgages, with new simplified plans, and a reduction of 1.15% on right-to-buy plans. At the same time, maximum loan amounts have been increased […]

Positive Lending completes £10m bridge

Thu 21 Jan 2016

Specialist packager Positive Lending completed a £10m bridge with United Trust Bank in under three weeks for an ultra-high net worth client purchasing a main residence in Prime Central London. The introducing broker experienced an unexpected delay in finance from a private bank which meant a short-term solution was required in under four weeks. The […]

Hope Capital hires Midlands BDM

Thu 21 Jan 2016

Bridging lender Hope Capital has appointed Sanjay Patel as business development manager for the Midlands. Patel, who has worked in the financial services market for more than twenty years, started his career in a local building society before moving into mortgages and bridging. The specialist provider of bridging loans now has four business development managers […]