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Bridging and Commercial News

Fincorp reveals plans for sales director hire

Short-term bridging lender Fincorp has revealed plans to hire a new sales director to start in January 2016 and confirmed it is “business as usual” at the lender.

Masthaven and Pure complete deal

Masthaven Finance and specialist intermediary Pure Funding Solutions have completed a bridging deal worth £1.78m.

Brokers told to consider second charges

Clients whose credit profiles have deteriorated since they took out a mortgage are prime candidates for a second charge loan rather than a remortgage, Fluent Money has claimed.

Fincorp directors quit to join Amicus

Nigel Alexander and Matthew Anderson, two of Fincorp’s senior directors, have quit the lender to join Amicus as regional directors from January 2016.

LendInvest in recruitment drive

Peer-to-peer lender LendInvest is looking to hire into 20 positions across sales, underwriting and IT ahead of its planned launch into buy-to-let.

Together boosts London team

Specialist lender Together has expanded its business development and broker sales team with the appointment Tanya Elmaz as its new divisional sales manager for London.

Positive beats best bridging month by 40pc

Specialist packager Positive Lending beat its best month for bridging completions by 40% last month.

Dragonfly to rebrand as Octopus Property

Dragonfly Property Finance is set to rebrand as Octopus Property in the New Year.

Savills joins ASTL

Savills has joined the Association of Short Term Lenders as an associate member bringing the number of associates to 23, up from just 15 a year ago.

Sherr thing for UTB

Former Bank Leumi head of risk Rob Sherr has joined United Trust Bank as chief credit officer.

Dragonfly cuts development rates

Dragonfly Property Finance, part of the Octopus group, has reduced rate on its development product range to 10% pa – down from 11% pa.

Bridging lending surges 27pc

Gross bridging lending increased by 27% in the year to August with the sector now providing £2.9bn of finance for borrowers, West One Loans Bridging Index has revealed.

TCF: Shawbrook removes bridging extension charge

Shawbrook Bank has removed the 3% margin increase across its short-term loan product range.

Brightstar opens specialist dev finance division

Brightstar has launched a new division to deal with the growing demand for development finance.

Dragonfly hires another three people

Dragonfly Property Finance, part of the Octopus group, has hired Emma Burke and Tim Phillips as development relationship managers and Uliana Kuzmis as credit manager. ramps up bridging activity enjoyed its biggest month in bridging loans completions during September.

Bridging finance demand up

Bridging finance experienced a 33% increase in lending activity during the third quarter, spurning the summer slowdown and the impact of wider global macro volatility, latest data by Bridging Trends reveals.

Sesame adds Oakbridge to bridging panel

Sesame has extended the range of bridging loan products available to its network members with the addition of Oakbridge Financial Services to its panel.

BLG Development Finance bolsters team

BLG, the specialist development finance lender, today announced two further appointments as part of its ongoing expansion.

Funding 365 launches bridging rate at 0.65pc

Bridging lender Funding 365 has launched a prime residential bridging loan with a monthly interest rate of 0.65%.

Doughnut: fastest rental value growth in 15 years

The latest CBRE Monthly index has recorded the highest rental growth since 2000 in the Outer London/M25 Office sector, known as the ‘doughnut’.

Lender warns against sub-prime bridging

Fierce competition in the bridging market has led to increasing pressure from packagers to push up loan-to-values and push down rates, prompting concern from a leading lender.

Rate rise talk boosts brokers

One in four brokers believes suggestions interest rates could start to increase around the turn of the year may have boosted business enquiries in the weeks immediately after, a poll from UTB claims.

Paradigm launches Brightstar exclusive

Paradigm Mortgage Services, the mortgage services proposition, has announced an exclusive two-year agreement with specialist lending distributor, Brightstar.

Graham made sales director at Bridgebank

Carl Graham has been promoted to sales director at bridging lender Bridgebank Capital effective immediately.

Freedom Finance reports record growth

Freedom Finance’s intermediary department has more than doubled its staff numbers after hiring new recruits for broker support, underwriting, packaging and sales support after reporting record growth.

Positive Lending awarded Gold Key Partner status

Bournemouth based specialist packager Positive Lending today announced it had been awarded the accolade of Gold Key Partner status by commercial mortgage lender InterBay Commercial.

ASTL conference line up confirmed

Edward Green from Savills is the final speaker confirmed for tomorrow’s Association of Short Term Lenders annual conference where Vince Cable will also be speaking.

All Together now for specialist lending

All the lending names under the Jerrold Holdings group – including Blemain Finance, Cheshire Mortgage Corporation and Lancashire Mortgage Corporation – have been rebranded as Together, writes Robyn Hall.

Aldermore refreshes bridging loans

Aldermore is enhancing its bridging loan offering by reducing its minimum valuation for light refurbishment to £75,000, down from £100,000, in line with Aldermore’s residential and buy-to-let mortgages.

SPECIAL FEATURE: Gearing for bridging growth

Alan Margolis, head of bridging at United Trust Bank, talks through the bank’s growth trajectory in 2015.

Alternative Bridging hires northern BDM

Alternative Bridging has appointed Sahail Akram as business development manager covering the Midlands and North of England.

Record loan for Positive Lending and InterBay

Bournemouth-based specialist packager Positive Lending today announced the completion of a record £11.7m commercial loan with InterBay – the largest commercial loan completed so far this year for both parties.

Masthaven in recruitment drive

Masthaven Finance, the specialist bridging and second charge lender, is on a recruitment drive to increase its head office underwriting and administration teams.

Countrywide fund completes rental investment

Vista residential property fund, the joint venture between Countrywide and Hermes Investment Management, has completed a £50m investment in 324 flats in Liverpool.

Aldermore offers free bridging valuations

Aldermore is offering free valuations on bridging applications for a limited period.

Roma Finance resolves family feud with buyout bridge

Roma Finance, the Manchester-based specialist bridging lender, has managed to resolve a difficult and complex case involving three generations of a family and a dispute with a major UK clearing bank lasting several years.

Clever Lending moves into B&C finance

Clever Lending, the secured loans master broker, has appointed Steve Sanderson to expand their proposition to include commercial and bridging finance.

Charlotte Williams joins Dragonfly

Dragonfly Property Finance has hired Charlotte Williams as an internal business development manager.

360 sourcing reaches £100m in apps since launch

360 Sourcing, the secured loan sourcing platform powered by specialist packager Positive Lending, has originated in excess of £100million since launch in April 2015.

Bridging brokers on 12 month high

More than two thirds (68%) of brokers operating in the bridging sector expect to complete more bridging loan business over the next 12 months than they did in the previous 12 months, research from United Trust Bank reveals – with a further...

Blemain streamlines broker portal

Blemain Group has enhanced its broker portal, My Broker Venue, enabling registered users to calculate quotes, save applications and gain access to documentation regarding products and services with the Blemain Group of lending companies.

AOBP partners with SimplyBiz ahead of MCD

The Association of Bridging Professionals has partnered with SimplyBiz Group’s Consumer Credit Centre – making it the official compliance services provider being recommended to AOBP broker members.

NACFB to hold regulation conference

The National Association of Commercial Finance Brokers is holding an interim conference in Birmingham on 23 September to support its members ahead of impending regulation which kicks in from March next year.

Apex Bridging joins ASTL

The Association of Short Term Lenders has been joined by another new member, Apex Bridging. This takes the ASTL’s membership to thirty, hitting its target of thirty full members, a target set two years ago when the ASTL had just 22 members.

Exclusive: Kensington targets the self employed

Kensington Mortgages is launching a mortgage for self-employed customers with affordability taking into consideration a company director’s share of net profits in addition to their salary.

NACFB announces Expo attendees

With less than one month to go until the NACFB’s sixth Commercial Finance Expo on 17 June, the NACFB has announced the presence of some big and influential names.

TFC and Lancashire complete 3 day bridge

TFC Homeloans and Lancashire Mortgage Corporation joined forces last month to ensure a client did not lose an auction property, by arranging bridging finance in just three days.

FCA Confirms Attendance at Commercial Expo

The FCA will be attending the NACFB’s annual Commercial Finance Expo on the 17th June.

Amicus completes 67m in Q1

Amicus, the London based short term funder completed £67m worth of completions with over £30m in March alone in the first quarter of 2015.

Bridging reached £80.5m in Q1

Gross bridging lending reached £80.5m in the first quarter of 2015 with an average term of 11 months, average LTV of 50% and an average interest rate of 0.95%, the first Bridging Trends set of data reveals today, writes Robyn...

NACFB expo sells out

All exhibitor stands are now sold out for the 6th NACFB’s annual Commercial Finance Expo on 17th June.