Commercial Finance

Together completes two week bridge

Wed 16 Mar 2016

Together and Creative Commercial Funding have completed a loan for £1.75m that saved a development with planning permission for 218 homes in Birmingham. The developer had committed a deposit of £1m and had an agreed forward sale which fell through at the last minute, leaving him at risk of losing both his deposit and the […]

Shawbrook commercial appoints product manager

Mon 14 Mar 2016

Shawbrook Bank’s commercial division has hired Steven Fitzhugh as product manager, a newly created role. Fitzhugh has spent 22 years in financial services including 12 years at Leeds Building Society as an assistant product manager and product marketing team leader. He joined from Cardif Pinnacle as customer insight manager, where he carried out market analysis […]

Aldermore provides £3m facility for ex-Hovis site

Mon 14 Mar 2016

Aldermore has provided a £3m finance facility for the redevelopment of an ex-Hovis depot in Plymouth. The Honicknowle site, which was acquired by Burrington Estates, will be converted into both commercial and office space. It was a distribution centre after Hovis was acquired by Allied Foods. Caroline Baker, lending manager, commercial mortgages at Aldermore, said: […]

InterBay launches prime commercial range

Mon 14 Mar 2016

InterBay has launched a commercial product range for prime investors letting out properties to established tenants. Interest-only, fixed rate and variable rate options are available to a maximum loan-to-value of 75% with a minimum loan amount is £250,000. Adrian Moloney, sales director at OneSavings Bank, said: “Our key partners and their clients have grown used […]

Enterprise completes £4.3m with Together

Mon 14 Mar 2016

Enterprise Finance and Together completed £4.3m worth of second charge transactions in February. Enterprise said the rise in transactions was down to getting Mortgage Credit Directive compliant by March 21. Because of incoming regulation brokers are more likely to consider second charge loans alongside remortgages and further advances if they want to keep the label […]

Hampshire Trust to launch into bridging

Wed 9 Mar 2016

Hampshire Trust to is set to launch into the bridging market and has announced the details of its new bridging team. The team will be run by newly appointed head of bridging Colin Stevens with Iain McCarrell joining as senior underwriter. Colin Bell, managing director of commercial mortgages at Hampshire Trust Bank, said: “Bridging loans […]

Funding 365 cuts commercial bridging rates

Mon 29 Feb 2016

Bridging lender Funding 365 has reduced the starting interest rate for its commercial bridging loan product from 0.99% to 0.85% per month. The product, which is available to all brokers,  has a 3 to 12 month term and can be secured against commercial and semi-commercial properties across England and Wales. Funding 365 managing director Mike Strange said: “We are […]

Ortus targets NI with new commercial funding

Sun 14 Feb 2016

Ortus Secured Finance, the London-based commercial lender, has raised a new fund to lend £40m to leisure businesses across the UK and against Northern Irish commercial property. The fund will specialise in lending to pubs, hotels and nightclubs across the UK which require short-term finance, for instance to help them cover costs incurred through sudden […]

Aldermore restructures commercial team

Thu 21 Jan 2016

Aldermore has restructured its commercial lending division with the appointments of Gareth Claxton as national sales manager and Mark Pagett as lending development manager. After originally being appointed as head of commercial mortgage lending in January 2014 in the new role Claxton will manage the entire field based commercial lending team, deliver the bank’s commercial […]

Commercial transactions reach 2008 level

Thu 21 Jan 2016

December 2015 saw 9,700 seasonally adjusted commercial property transactions, the highest December levels since 2007, figures from HMRC showed. For the year as a whole there were 117,050 commercial transactions – the highest level since 2007 and 0.4% higher than the 116,620 recorded in 2008. Andrew Lloyd, managing director of Search Acumen, said: “The commercial […]