Fincorp sees Brighton lending boost

Robyn Hall

May 22, 2013

The roadshow saw around 50 property developers, architects, estate agents and mortgage brokers come together to network and learn how bridging could support their business.

Nigel Alexander, director at Fincorp, said: “Brighton is known as ‘London by the sea’ and our experience of meeting property professionals at our roadshow suggests there are a lot of great opportunities for us down here.

“Many of our lending competitors claim that they lend in this area but chatting to these people we are convinced that we can do more to support the property business in Brighton – especially because the underlying economy there is strong, it has excellent transport links and quality housing stock.”

Property developer Tim Harding, who attended the roadshow, said the speed and reassurance of finance offered by Fincorp was “essential” to his ability to do business.

He said: “I’ve been a property developer in the area for more than 20 years and in my experience bridging funding is essential in this market place.

“You need to be able to move fast and efficiently to buy a property today and also you need the credibility of having funds available to you.”

Harding said the problem with retail bank funding was that lenders were tying developers up in red tape, often resulting in deals falling through because finance was not forthcoming fast enough.

Harding added: “In this market the necessity of having to sit through retail banks credit committees and the like means that you could find you’ve lost your deal.

“Credibility in terms of making sure that you can fund a deal when you say you can is everything if you want to continue in business.”

Alexander said Fincorp is keen to do more bridging loans in Brighton and is urging brokers in the area to get in touch directly with him or the other Fincorp directors if they think they have a suitable deal.

He said: “We are also thinking about holding similar roadshows further afield in the future as we’re keen to support the property market by funding good quality deals beyond our homeland of London and surrounding areas.”

Fincorp charges a flat monthly rate of 1.5% with no fees and brokers are paid a 1% fee directly from the lender the day the loan completes.

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