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Bridging and Commercial News
Precise Mortgages has added second charge lending products to its bridging range.
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Precise Mortgages has launched joint legal representation for clients taking bridging loans, cutting legal fees for the borrower from a market average of £1,500 to just £599 +VAT.
The Finance and Leasing Association has added new protections for borrowers to its lending code.
HSBC has announced a number of commitments aimed at supporting UK businesses in 2012.
Emma Hodson has been appointed as head of marketing at Bridgebank Capital.
West One Loans has appointed three new members of staff at its Hertfordshire headquarters to improve its levels of service.
Brokers expect to be writing 27% more bridging loans in twelve months time, according to research from West One Loans.
Precise Mortgages has teamed up with Aldermore Commercial Mortgages to offer a combined standard bridge product with a remortgage exit on buy-to-let deals.
Personal asset finance lender borro has ruled out floating on the stock exchange for at least two years, after
The Association of Short Term Lenders has cut £1,000 off its membership fees bringing them down to £4,000 a year.
Small business confidence plummeted in 2011 as businesses were hit by high inflation, rising utilities bills and reduced consumer spending power.
The bridging sector needs a “truly effective and representative” trade body, short-term lender Omni Capital has said.
There are at least three major financial institutions poised to start lending in the short-term sector this year, the Association of Short Term Lenders has revealed.
Tower Bridging has become a member of the Association of Short Term Lenders, the trade body which protects and promotes the interests of short-term lenders.
Non-bank prudential rules may be applied to bridging lenders under Mortgage Market Review proposals out today.
The bridging market has been carefully scrutinised in the latest Mortgage Market Review consultation paper with the FSA flagging several areas of concern.
The Financial Services Authority is worried borrowers are being advised to use bridging as a way of repaying mortgage arrears.
The Financial Services Authority plans to force bridging lenders to assess affordability for borrowers making monthly repayments and to cap bridging loan terms at 12 months.
Brokers advising their clients to take out a bridging loan will have to satisfy the Financial Services Authority that it is the most appropriate form of finance under proposed regulation.
Tiuta has secured £30m of funding for use during December 2011 and January 2012.
borro, the short-term personal asset lender, has praised intermediary delegates attending the NACFB’s Annual General Meeting in Birmingham.
Intermediaries have voted Shawbrook Bank’s secured loan division as Norton Broker Services’ panel lender of the year for 2011.
Dragonfly Property Finance, the specialist short and medium-term finance company, has completed a loan of a quarter of a million pounds in just 48 hours.
There has been a further mild expansion of Scottish private sector activity, although new business has dropped.
Precise Mortgages has launched a fast track process for its unregulated bridging and light refurbishment product range.
Shawbrook Bank has today launched a short-term loan for the purchase of investment property in strong geographical locations.
The Association of Mortgage Intermediaries has warned brokers dealing with unregulated bridging lenders to be wary of risking their Financial Services Authority licence.
The European Commission has approved the acquisition of a number of retail and commercial banking assets of Royal Bank of Scotland by Santander.
Bridging lender Lowry Capital is offering brokers a 1.5% proc fee on completions made before 2012 across Scotland, England and Wales.
The NACFB is rebranding, launching an interactive website and next year plans to offer an exam for everyone involved in commercial finance.
Precise Mortgages has recruited Saul Brock as underwriter to join its short term lending team.
Barton Bridging Capital has become a member of the Association of Short Term Lenders, the trade body which protects and promotes the interests of short term lenders.
Paul Munford, managing director of London-based Mortgage Centre IFA and former founder of Omni Capital, has launched his own bridging lender Century Capital.
The CBI has urged the Chancellor to stick to current deficit reduction plans in his autumn statement and consider specific measures to kick-start growth by unlocking private sector investment and removing “road blocks”.
Some 15% of private landlords will stop offering Local Housing Allowance tenancies, reveals research from BDRC Continental.
Masthaven has completed a Financial Services Authority regulated bridging loan for nearly £1m with bridging brokers Only Bridging.
Coreco Specialist Finance has created a new bridging product with a low initial interest rate for use within the M25.
Emma Castle has joined the bridging and commercial loan applications team at Cystal Mortgagges as an underwriter.
Despite a modest rise in GDP revealed yesterday, most businesses are still struggling to show signs of growth.
Omni Capital has completed a second charge loan valued at £5m with specialist distributor Brightstar Financial.
Philip Ross Solicitors has announced it is joining The Association of Short Term Lenders as an associate member.
Omni Capital has confirmed it plans to offer medium term loans between three and seven years, potentially extending to 15 year terms.
Gross lending in bridging finance in 2011 will reach £800m for the first time, figures from West One Loans reveal today.
Christian Candy, the self-made property magnate, wants to turn his bridging lender Omni Capital into a fully fledged bank.
Bridging lender West One Loans has agreed an outsourced asset management deal with property consultants Oakes CPS to monitor service levels to brokers.
Commercial lender Whiteaway Laidlaw Bank has rebranded Shawbrook Bank today while its lending and savings propositions will continue as before.
Precise Mortgages is taking to the road in a double-decker 1966 Routemaster London bus in order to meet brokers and give presentations on how they can increase their business.
Promise has enjoyed a surge in bridging enquiries following its approval as a preferred partner by both DragonFly Property Finance and Omni Capital.
Businesses in the North East are helping to drive the economic recovery according to the annual Barclays Business Regional Impact Index.
Precise Mortgages, the specialist intermediary lender has launched a short-term lending preferred packager panel called Premier Panel.
September saw a further moderation of Scottish private sector output growth, as new business inflows fell for the first time in nine months.
Conman Edward Davenport has been jailed for more than seven years for running a £4m global fraud.