Bridging Finance Provider Reports Breaking Levels Of Loan Completions

Fri, 05 Sep 2008

Bridgingloans.com, a leading UK provider of bridging finance solutions, has announced record breaking levels of completions for its short-term loan products, despite the current economic climate.

The online company said loan completions have increased each month for the past year, highlighting the growing use of short-term and bridging finance among Brits.

According to the provider, its robust underwriting, strict risk management and assessment procedures ensures that despite many lenders being forced out of business, help is still available for private buyers and property investors .

With its funding lines recently extended, Bridgingloans.com said it is now equipped to continue dealing with record high enquiries and completions.

According to the Council of Mortgage Lenders (CML), the number of UK repossessions by the end of the year will have doubled from the end of 2007, highlighting the need for effective, safe short-term financing options.

Ryneveld van der Horst, finance director at Bridgingloans.com, said: "It is important to be responsible. Enquiries are up everywhere, but it takes robust lending criteria to ensure that you don't make bad decisions which will jeopardise both your business and the borrower."

"Bridging is a financing option that has always required a clear exit route before a loan can be agreed and it is because of this strict process that this sector of the finance industry has not been as badly affected by the current conditions and will continue to remain stable during this challenging time," he added.
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