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Bridging and Commercial News

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.

Manchester bridging lender joins the AOBP

Affirmative Finance is the latest bridging lender to join The Association of Bridging Professionals.

FLA launches its 2015 manifesto

The Finance and Leasing Association has today published its Manifesto 2015, proposing measures in five key areas which any new Government could adopt to boost UK growth, productivity and jobs.

Quantum facilitates debt forgiveness transaction

Quantum by Bridgebank Capital have completed a £1.2m short-term loan advance for a successful property professional, based in the North West.

Omega Secured Loans to join HLP’s panel

HomeLoan Partnership has added Omega Secured Loans to their panel.

LMC sees bumper week worth £3m

Lancashire Mortgage Corporation has completed seven funding transactions in just seven days, worth £3m, for broker partner Finance 4 Business.

Duff and Phelps joins the ASTL

Duff & Phelps has joined The Association of Short Term Lenders as an associate member, taking the ASTL’s membership to 28 and its associate membership numbers to 17.

New partners at Brightstone Law

Harry Peradigou and Rehka Chelvendra have become partners at Brightstone Law.

Shawbrook announces commercial team promotions

Shawbrook Bank has announced two promotions within its commercial mortgages team.

Ezbob parent Orange Money acquires Everline

Orange Money, which trades as Ezbob in the UK, has acquired Everline in a bid to create the UK’s largest online commercial lender.

Dragonfly passes £750m loan redemptions since launch

Dragonfly Property Finance said today that it had redeemed more than £750m in loans since its launch in 2009.

Amicus buys Norton Folgate

Amicus Finance – formerly Capital Bridging Finance – has acquired City-based brokerage Norton Folgate Capital Group, including Norton Folgate Capital Consulting LLP to bolster its presence in the commercial market.

Roma Finance joins the ASTL

Roma Finance, the Manchester-based bridging and development finance lender, has joined the ASTL as Roma continues to strengthen its service proposition to brokers.

Hope Capital completes largest ever deal

Hope Capital has just facilitated its largest ever loan deal for £3.3million.

3 in 4 DF brokers expect to grow in 2015

Nearly three quarters (73%) of development finance brokers expect to grow their businesses in 2015.

Masthaven revamps range

Masthaven Secured Loans has revamped its range with a number of rate changes whilst also amending its automated valuation model rules.

SPECIAL FEATURE: Another good year for commercial

Alan Sippetts, investment director, Heartwood Investment Management, says conditions are in place for another strong year for commercial property.

Secured lending closes year strongly

Despite an expected dip in December 2014 finished the year strongly as the secured loan industry completed £51,067,000 of lending in the final quarter of the year, the Secured Loan Index from Loans Warehouse has shown.

Eurozone recession and election woes for brokers

Brokers reckon a Eurozone recession and a change of government in Westminster are the biggest threats to the UK’s economic recovery, research from United Trust Bank reveals.

Jo Tuson joins V Loans

V Loans, the specialist secured lending arm of KR Group, has appointed Jo Tuson as a case manager.

Fincorp launch fee free refurb loan

Fincorp has launched a pair of fees or no fees refurbishment loans as it looks to “give customers the choice" when it comes to fees.

Wigley joins dragonfly as credit manager

Short and medium-term lender Dragonfly Property Finance has appointed Cattrina Wigley as its new credit manager.

Strong support for first and second consolidation

The consolidation of the first and second charge mortgage market gained widespread support amongst those consulted about the forthcoming Mortgage Credit Directive.

Bridging and equity release to remain MCD exempt

Both bridging finance and equity release are to remain exempt from the new regulation following implementation of the Mortgage Credit Directive in 2016.