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Bridging Finance Limited Smashes £100M
09/09/09  The company has continued to put in a solid lending performance despite the recent downturn in the economy. Chris Baguley, former Head of Underwriting at Manchester Building Society, was appointed in March 2006 and subsequently promoted to managing director in March 2007. Tough market conditions this year have seen a number of key players in the property finance sector struggle, as funding lines from the major banks are still hard to come by for most businesses. Chris Baguley, managing director of Bridging Finance Limited, said his firm has been instrumental in delivering to clients of the professional sector and has remained consistent in its approach, despite the current turbulence in the property market: "As a specialist lender we continue to have a very pro-active stance on lending, even in the current economic climate. We've adopted a prudent approach to lending over the last few years which has meant Bridging Finance still has an appetite for lending despite the challenging market conditions. This strategy has been vindicated by our breaking the £100m lending mark in just three years. "During this time the company has not increased its rates, even with the advent of the current economic climate, and we always place a high value on giving quality service to the professional sector. "I'm being presented with some amazing deals as astute property investors are snapping up bargains as a result of the current climate. We're also seeing deals that the banks are turning away due to their more restrictive criteria, but because we can be more flexible on our repayment terms we are able to offer funding and help bring deals to fruition. "We haven't seen the increased liquidity in the market from banks yet and the restricted availability of credit remains a concern for many businesses. Most banks are now having to undertake greater due diligence before agreeing any changes to an account. Their solution is to introduce the client to a short term lender like us whilst they structure out long term solution. We've always had a strong reciprocal relationship with the banking sector. We're a stop-gap funder and we are able to provide funds quickly. "One thing that pleases me is the variety of deals we are now funding. Short term funding can be used to meet many business needs - not just property or land acquisition. We are getting the message across that bridging finance can be used in many ways, such as for capital raising or preserving cash flow; to pay unexpected bills or to cover an increase in the price of a contract. It can also be used to meet tax liabilities, drive corporate recovery, and of course for MBO and MBI situations. "We've created a strong national brand from our base in Manchester and we're becoming the first port of call for clients of the professional sector whose clients need quick access to funds on a short term basis." Bridging Finance Limited supplies bridging loans from £30k to in excess of £2-3m through professional advisers in the North West. The firm works also closely with leading banks who refer work including Royal Bank of Scotland, Barclays, Alliance & Leicester, NatWest and HSBC. print page
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